America’s Foreclosure Generation
Those born in the 1970s have fallen from having a 4% higher than normal homeownership rate in 2004 to a 7% lower than normal homeownership rate today.
The housing crisis hit the 1970s Balancers harder than any other generation. We call those born in the 1970s Balancers because they best represent the clear shift in the US toward more work/personal balance. See our generational definitions by clicking here. We could have called them the Foreclosure Generation.
In 2004, those born in the 1970s were 25–34 years old, forming families, and ready to buy their first home at the same time that mortgage credit was flowing freely. That year, almost 50% of 1970 Balancers owned their home—a full 5% higher homeownership rate than the average since 1981 and a whopping 11% higher homeownership rate than today’s 25–34-year-olds*. Only 39% of today’s 25–34-year-olds own their home.
Fast forward ten years to 2014, and those same 1970s Balancers are 35–44 years old. They have a 59% homeownership rate today, which is 7% below the norm for that age group and the lowest rate for 35–44-year-olds since the data became reliable in the early 1980s.