Excerpt from the 1Q25 Witten Advisory: These housing deficits across the country, combined with elevated mortgage rates and the dramatic increase in home prices over the past several years, have resulted in ownership remaining unaffordable for many over the past few years.  The above chart shows that in the final quarter of last year, the overall rate of homeownership did firm marginally, but remained below recent peaks and has remained steady over the past year.  However, a sharp divergence emerges when looking at age groups younger than 45.  For 35-44s, the homeownership rate declined to near 61% in the 4Q.  Further, the ownership rate of adults under 35 has trended lower for 7 consecutive quarters and dropped near 36% to end 2024, only two points above the low back in 2016.  For younger households especially, ownership is far out of reach.