Homeownership Rate Jumps To 4 Year High As More Americans Make Gains

Dated: 08/03/2018

Views: 199

Home_MW


More Americans became homeowners in the spring, and the number of renters decreased, adding to evidence that consumers still aspire to ownership despite ongoing housing market headwinds.


The national homeownership rate rose to 64.3% in the second quarter, the Census Department reported Thursday, up from 64.2% in the first three months of the year. What’s more, that marked the sixth-straight quarter of yearly increases.


Over the past 12 months, 1.77 million more Americans became owners, while the number of renters declined by about 100,000.


Even better, the biggest jumps in ownership were among younger people. For those under 35, 36.5% were owners in the second quarter, compared to 35.3% a year ago. Americans aged 35 to 44 saw a correspondingly hefty jump, to 60% from 58.8% in 2017.


“Homeownership today is a full percentage point below the 50-year average, and this lag reflects the long-lasting scars from the Great Recession and the lopsided nature of this recovery,” said Sam Khater, chief economist for Freddie Mac.


Still, the new data may quell some worries about younger generations missing out on the wealth-building opportunities inherent in homeownership, even as more economists raise concerns about the staying power of the housing market.


Source

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

More Young Adults Live At Home Now Than During The Great Depression

While at the beginning of the year it seemed like Millennials and Generation Z were going to take hold of the housing market in 2020, the pandemic drastically changed that prediction.For the first

Read More

How To Make Your Home Office Space A Huge Selling Point

It's been six months since many of us were last in the office, tapping away on our ergonomic keyboards and drawing on whiteboards in conference rooms during (gasp!) in-person meetings.Since then, we

Read More

The Refinancing Boom Is Just Getting Started

Even with refinancings driving a record $1.1 trillion in originations in the second quarter and testing the limits of lenders’ capacity, LOs, mortgage executives and economists say all the

Read More

US Mortgage Rates Fall To All Time Lows This Week

Average mortgage rates for 30-year and 15-year mortgages fell to all-time lows this week, Freddie Mac said in a report on Thursday.The 30-year average is 2.86%, breaking the prior low of 2.88% set

Read More