Death Of The Middle Class: Homeownership Rate Drops To 29 Year Low As Average Rent Hits Record High

``There is no surprise why this is happening. As Bloomberg notes, "entry-level buyers are struggling to save enough money to purchase homes as gains in U.S. real estate prices outstrip increases in wages, while mortgage lending remains tight. The median household income in March grew 2.1 percent from a year earlier while the median home price gained 7.8 percent in the same period.''