Homeownership is often referred to as the American dream—but the 2007-2009 financial crisis put it out of reach for many. Even in housing markets that have since recovered, many Americans still find themselves locked out of homeownership.
Before the COVID-19 pandemic, the US GAO examined homeownership trends from 2010-2018 in 9 U.S. cities and found:
- The homeownership rate declined or was flat in all cities
- Homeowners and recent borrowers were increasingly higher-income, increasingly older, and more diverse
- Average home prices grew in all cities, but at considerably different rates
- Most cities became denser, and some also expanded outward