In the early 20th century the number of New Zealanders renting and owning their dwellings were reasonably evenly matched. Government initiatives to encourage a property-owning democracy – through cheap state mortgages and other subsidies – saw home-ownership rates skyrocket in the 1920s. They fell during the 1930s economic depression, then rose steadily, peaking at 73.8% in 1991. Since then home-ownership rates have declined. The reasons included increased housing costs, lower housing subsidies, and young people delaying settling down and having children. By the 21st century the ideal of a property-owning democracy was in retreat.