Home ownership is declining across the West. In America, the rate continues to fall, down 3.5 percentage points since its peak. Australia is down 3 points, Great Britain is down nearly 7 points since, and so on.
These might look like only small drops, but they’re part of a worsening trend. In America, people under 35 have seen the largest decline in home ownership of any cohort, with their real rates falling by 12 points since 1990. Not long ago, the average age of a first-time buyer was around 30. Today it is almost 40 years old. The housing crisis, in other words, is disproportionately a younger person’s crisis.