(RECAP: A well loved narrative of the U.S. housing market has been that huge city prices are locking out young buyers, feeding a cycle in which a growing number of people are forced to rent at ever higher rates as demand overwhelms supply. Throw in the fact that wages haven’t kept pace, and you have a wide swath of Americans who can’t save enough to ever buy that first home. The reality may be a bit more complicated. t’s right that, when combined with a lack of government support for affordable housing, this situation has pushed the number of cash-poor renters to a new high. On the other hand, the number of homeowners severely cost-burdened or moderately cost-burdened really fell from 2013 to 2014. And while the poorest renters are more likely to find themselves in dire straits, data suggests market-rate renters are keeping up with rising rents, and are thus able to place some money away for that eventual first buy.)

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