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Despite decades of record-setting home sales, owning a home has become increasingly difficult for the average worker. Mortgage interest rates are historically low, yet hourly earnings have failed to keep pace with rising housing costs
Millennials have a notoriously low homeownership rate, which despite inching upward in recent years, is far lower than the rates of previous generations at the same age. Recent evidence shows that millennials are fleeing large, more expensive cities for more affordable, smaller locales.