The Escalation of Well-Being
By Arnold Kling
Don Boudreaux pulls some facts out of a Bureau of Labor Statistics report.
It’s surprising (and important to note) that in 1901 only 19 percent of U.S. families owned a home; by 1972-1973, this figure had risen to 58.8; indeed, the percent of familiies who owned their homes outright — with no mortgage — was 25.3 percent. In 2002-2003, the percent of families who own their own home is even higher — at 67 percent; likewise with the percent of families today who own their homes outright — sans mortgage — 26 percent.
The full report is here.