The national homeownership rate sits at 65%, down from a peak of 69.2% in 2004 and below the 25‑year average. Among Americans under 35, homeownership has fallen to 35.2%, a drop of more than one percentage point from a year ago. By contrast, 57% of Americans in their mid‑30s own homes today, compared with 64% of their parents’ generation at the same age.

Sixty‑two percent of Americans own stock, but only 28% of households earning under $50,000 own any stock; ownership is 42% for those with a high‑school education or less and 44% for ages 18‑29.

When fewer people own a house or a share of a company, they feel less personal stake in the system. Property owners tend to resist government taking their assets, while non‑owners are more open to proposals that promise a larger role for the state.

That openness helps socialist ideas spread. Policies such as rent‑freeze proposals or plans to give the government a 50% stake in AI companies appear attractive because they promise a share of wealth to people who currently own none.

If more Americans could become homeowners and shareholders, the appeal of such state‑ownership proposals would likely weaken, reinforcing support for a market‑based economy.