"The true foundation of republican government is the equal right of every citizen in his person and property and in their management." --Thomas Jefferson to Samuel Kercheval, 1816
(Note: this isn't a comment on republican vs democracy, we are talking republican vs monarcy in 1816...)
Home ownership is one of the freedoms the initial settlers of American were striving for, their own land, religious freedom, freedom from overbearing taxes - etc.
We all still have equal rights for home ownership. The general slant has been towards renting and since most use mortgages to obtain funds, many have had their ownership endangered due to loss of work or other financial strain. For some it is just plain fear to enter into the housing market. This isn't our basic rights being taken away, it's like we are giving it away.
Additionally, over the past few decades it has become almost necessary for both husband and wife in order to work to support a family. More my point, is that many can't even afford to purchase a home, they are already up to their eyeballs in debt or they just know that they will be if they take on mortgage payments, all utilities, repair costs, property taxes, etc.
A majority of the members of this site are well educated, aware and tend toward being somewhat politically opinionated. I don't boast that I am more educated on the history of our country, home ownership or the history of mortgages in American.
BUT, if you look at the history of Rome, Greece, England and America - they are all littered with cyclic economies and governments that have no real workable solutions to the big problems - economy, education, conflict (war)... I can't think of any civilization in history that has obtained stability for more than a few hundred years before crashing into oblivion.
If we didn't have these hamster wheels, think about all of the things that could be accomplished - both personally and as a country. So many things could be done in the arts, in science, exploration, community and cultural activities, you name it.