See Pew Research study on US rentals
See Fed data on cashflows into/out of mortgage debt. For conventional home purchase loans for owner-occupied, one- to four-family dwellings (excluding manufactured homes), loan origination fell 50% from 4 million in 2004 to 2 million in 2015.
Declines in homeownership since 2004 have been greatest for lower income and minority households. The decline in homeownership since its peak in 2004 reflects two key trends: a drop in the number of renter households becoming owners, and a rise in the number of homeowners becoming renters, whether by choice or because of economic distress.
Why?
No down payment? This is a key reason. Data from the Federal Reserve’s Survey of Consumer Finances show that the typical renter has only $3,000 in financial assets (cash, CDs, bank accounts, bonds, 401k or IRA).
"Adults who rent their homes are mostly renting as a result of their circumstances rather than as a matter of choice. And many see their financial situation, such as existing debts or their inability to afford a down payment, as a barrier to owning a home. About two-thirds of renters (65%) say they are currently renting more as a result of circumstances, such as not being able to afford to own a home right now, while 32% say renting is a matter of choice – they could buy a home, but they choose to rent instead."
