Fewer millennials are buying homes than ever before, causing overall home ownership to drop to a five-decade low according to new data released by the U.S. Census Bureau on Thursday.
Just 34.1 percent of Americans under the age of 35 owned their home at the end of the second quarter this year. That's a 0.7 percent drop from last year's second quarter numbers.
The overall home ownership rate now stands at 62.9 percent, the lowest it has been since 1965.
Overall home ownership is at a record low.
The drop represents a growing trend among millennials to delay major life changes like marriage and starting a family, both things which spur people to buy homes.
The rental market is also strengthening across the nation, which means rents are getting higher and millennials are struggling to save up for a down payment on a house. Many young people are also grappling with school loan debt.
Home prices have also been outpacing average income, once again making it harder for first-time buyers to save up for a down payment.
Total home ownership peaked in 2004, when 69.2 percent of American owned their homes, according to the Associated Press.
But there is good news for the future -- the majority of Americans think buying a home is a good investment, according to a survey from the National Association of Home Builders.
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