re: Why are homeownership rates precipitously declining?

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Most millenials view home ownership as them being anchored to a city. In this economy it helps being able to move around free from worrying about selling your house.

Also renting means you don't need to know how to fix things around the house/apartment

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Interesting point. There's definitely truth to that.

But housing prices in many cities is absurd. The average home price in Denver is $350k. In Boulder, it's $525k.

People in their thirties and younger want to live in fun cities with a good nightlife, not the suburbs. That's one thing that'll keep in from permanently settling in Colorado.

I was going to buy a house in Nola. But as soon as a house was put on the market, it was under contract within hours. Companies were buying houses with the intent of making them air bnb properties. And I'm not just talking about Bywater. It was all over the city.

Unless salaries catch up with housing prices, the home ownership rates will continue to decline.