We got a reminder this month about the importance of homeownership. According to research from Habitat for Humanity, owning a home dramatically promotes a family’s financial prospects, and even improves health. According to the report, children of homeowners are 116% more likely to graduate from college and will earn 59% more in their lifetime than children of non-homeowners. Homeownership also correlates to improved health outcomes in children, reducing their risks for disease and illnesses.
Economists have long understood homeownership as a critical gateway to wealth and stability, an essential ingredient in the American dream. But before the pandemic, the percentage of Americans who owned their homes was languishing below 2013 levels as more millennials delayed homebuying. That generation faces larger student debt, gets married later in life, has children later, and is more likely to live in densely populated areas. All these factors mean that the rate of homeownership among