Thanks to rising home prices, a lousy job market, stagnant wage growth, tighter credit and rising interest rates, the rate of homeownership in the U.S. fell to the lowest level in almost 19 years during the first quarter, according to figures released by the U.S. Census Bureau.
The share of Americans who own their homes was 64.8% in the first quarter, down from 65.2% in the fourth quarter of 2013.
The rate is the lowest since the second quarter of 1995, when it was 64.7%.
What's more, some economists say the rate could fall to as low as 55%, as more Americans are choosing to rent instead of owning their own homes.
As pointed out in a recent Bloomberg News report, fewer Americans are getting married and having children – and those who are getting married are doing so at a much later age – which in turn is having a profound impact on Americans' desire to purchase homes.
To view the U.S. Census Bureau's Housing Vacancies and Homeownership Report for Q1 2014, click here.