[1] I'm aware there are many subsidizes in the US, for instance in agriculture. Still, it seems to be less than in Europe. There are subsidizes for homeownership in Germany but more people live in rented accommodation.
In comparison, buildable land in a European village or small town can be $100,000/acre - not that you can find an acre to buy anyway. Even if you could afford the land, you would then have to find the same amount again to build the house - so it is much cheaper to rent.
Edit:
Sorry, you wanted a reference. This older story:
http://www.economist.com/node/13491933?story_ID=13491933
It captures some of the US pro-home-ownership arguments lower in the article.
Edit #2:
Yeah, there are places in Europe cheaper than Germany, but $700,000/acre does not surprise me. I should have added that construction standards are very different between Europe and the US which also accounts for the low cost of housing. In many (most?) parts of the US houses are made of simple timber frames and hence are simply and quickly erected - I have seen houses (the outer shell obviously) go up in as little as two days. In Europe a lot (most?) of housing is made of brick, a more laborious process.
Around here, $10k/acre is considered expensive.
I'd jump at any chance to buy an acre of land zoned for residential construction for only 100k, even in the most 'rural' areas here ('rural' being relative, even very rural here is still suburban by US standards).
In Europe, they charge very high vehicle and gas tax to make up for the roads and keep people from driving. In the US we allow much less wealthy people to drive. Neither is correct, but we in the US highly subsidize commutes.