The share of homeownership has dropped most rapidly among the key shapers of the American future—millennials, immigrants, minorities. Since 2000, the home ownership among those under 45 has plunged 20 percent. In places like Atlanta, Dallas-Fort Worth, Houston, and Indianapolis, and elsewhere, households with less than the median income qualify for a median-priced home with a 10 percent down payment, according to the National Association of Realtors. But in Seattle, Miami, and Denver, a household needs to make more than 120 percent of the median income to afford such median-priced house. In California, it’s even tougher: 140 percent in Los Angeles, 180 percent in San Diego, and over 190 percent in San Francisco.

Rents are rising as well. According to Zillow, for workers between the ages of 22 and 34, rent costs claim upwards of 45 percent of income in Los Angeles, San Francisco, New York, and Miami, compared to closer to 30 percent in Dallas-Fort Worth and Houston.

The basic reality: America’s new generation, particularly in some metros, increasingly seems destined to live as renters, without ever enjoying equity in property.