had a "substantial head start". In September 2012, according to the Institute for Policy Studies, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege". Median household wealth fell 35% in the U.S., from $106,591 to $68,839 between 2005 and 2011, due to the Great Recession, but has since recovered as indicated above. About 30% of the entire world's millionaire population resides in the United States (). The Economist Intelligence Unit estimated in 2008 that there were 16,600,000 millionaires in the U.S. Furthermore, 34% of the world's billionaires are American (in 2011). Home ownership The U.S. home ownership rate in Q1 2018 was 64.2%, well below the all-time peak of 69.2% set in Q4 2004 during a housing bubble. Millions of homes were lost to foreclosure during the Great Recession of 2007–2009, bringing the ownership rate to a trough of 62.9% in Q2 2016. The average ownership rate from 1965 to 2017 was 65.3%. The average home in the United States has more than 700 square feet per person (65 square meters), which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries. It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation. In one study by ATTOM Data Solutions, in 70% of the counties surveyed, homes are increasingly unaffordable for the average U.S. worker. As of 2018, the number of U.S. citizens residing in their vehicles because they can't find affordable housing has "exploded", particularly in cities with steep increases in the cost of housing such as Los Angeles, Portland and San Francisco. Profits and wages Real wages (wages adjusted for inflation) for most workers in the United States and median incomes have either declined or remained stagnant for the last twenty to forty years. A 2020 microanalysis demonstrated that in the preceding four decades labor's share of national output declined while over the same period the profit share of the same output increased. In 1970, wages represented more than 51% of the U.S. GDP and profits were less than 5%. But by 2013, wages had fallen to 44% of the economy, while profits had more than doubled to 11%. Inflation-adjusted ("real") per capita disposable