Except most middle class people had no equity in their homes. With zero downpayment options, or at most 5% that could be borrowed and given on seller seconds etc they had nothing in them. Frequently it was more advantageous to walk away from the house (the term du jour for sending your keys is "jingle mail") and rent more or less the identical house down the street for less money per month.
homeownership has long been the hedge against inflation, which renting does not assume Rabbi.
~S~
Huh? So what?
Actually a study by an economist I saw referred to asked the basic question: DOes encouraging home ownership among working class people actually help them? The answer was no.
I'd like to read that study.