Another reason homeownership is sliding for those who don't already own real estate: the price is rising at many times the inflation rate. One guy I worked with in # told me he lives in a major city near the agency's regional office, and that renting apartments (not buying / becoming an owner, renting!) in that relatively high crime area costs around $4,000 per month. In my former # County area in #, the homes I lived in when I was growing up (less than 1,200 square feet, with a tiny yard, built in the 1950s) are all showing a value of $500K or more on RedFin.

That's price growth of 10X or more within my lifetime.