The U.S. home ownership rate only fell 4.2 percentage points from 1930 to 1940 because going into the Great Depression about 2/3rds of home owners owned their homes free-and-clear.
The U.S. home ownership rate fell 5.6 percentage points from the peak in 2004 to the bottom in 2016 because going into the Great Recession only about 1/3rd of U.S. home owners owned their homes free-and-clear.
(Data talk.)
76 Secrets of U.S. Home Ownership – Table of Contents