WASHINGTON — The proportion of households that own homes has matched its lowest level in 51 years — evidence that rising property prices, high rents and stagnant pay have made it hard for many to buy. The trend appears most pronounced among Millennials, ages 18 to 34, many of whom are straining under the weight of rising apartment rents and heavy student debt. The overall decline appears to be due largely to the increased formation of rental households, said Ralph McLaughlin, chief economist at the real estate site Trulia. Mortgage rates, which are near historic lows, have helped boost sales of existing homes to a seasonally adjusted annual rate of 5.57 million, the strongest pace since early 2007.

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Topics:  washington    the   millennials   ralph mclaughlin   trulia   mortgage   the   rate   rising   appears   rents   homes   households   
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