How much housing wealth did Americans accumulate in a decade?

“These escalating home values were no doubt beneficial to homeowners and home sellers,” Yun added. “However, as these markets flourish, middle-income wage earners face increasingly difficult affordability issues and are regrettably being priced out of the home-buying process.”

The study found that the overall homeownership rate has plummeted across all income groups since the Great Recession, with the biggest drop among the middle-income homeownership rate – down from 78.1% to 69.7%. Homeownership rates among low-income households fell by 2%, and high-income households saw a four-percentage-point drop.

“Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability,” said NAR President Leslie Rouda Smith. “Now, we must focus on increasing access to safe, affordable housing and ensuring that more people can begin to amass and pass on the gains from homeownership.”