While the Great Recession raised questions about the concept of homeownership, challenging its role as a fundamental piece of the nation’s social fabric, it continues to be synonymous with the American Dream and a gateway to the middle class, according to public opinion and academic research.
According to the Census Bureau’s Current Population Survey/Housing Vacancy Survey (CPS/HVS), the national homeownership rate fell from 69 percent in 2004 to 65.4 percent for 2012—the largest decline since the Great Depression. Nevertheless, the downward trend in homeownership is slowing, according to quarterly CPS/HVS data, indicating that the period of large declines has ended with the gradual unlocking of pent-up housing demand.
