CHARLOTTE—Home ownership is at the lowest point since the government started measuring in the 1960s.
About 63 percent of Americans are homeowners according to a new Census Bureau report.
But Allen Tate Realtors president Pat Riley says it's more like a return to historical rates after loose lending propped up the numbers.
“Your credit scores could be very low. The fact is in a drive to drive home ownership up, we found that it wasn't a good thing, and it all collapsed,” he said.
He notes peak home ownership was in 2005 when pre-financial crisis lending policies were at their peak.
Economists say home ownership is also being held up by baby boomers who aren't downsizing.
That's making it more expensive for those in the millenial generation to buy their first homes.