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

Dated: August 3 2018

Views: 226

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

Remodeling Expected To Remain Hot Even As The Pandemic Eases

The demand for home remodels is expected to remain strong—even as the COVID-19 pandemic begins to ease as vaccinations rise and people are no longer trapped inside their abodes obsessing over all

Read More

List Midweek If Youre Selling Your Home

A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through

Read More

Millions Will Enter Housing Market In 2021

In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by

Read More

How Often Can You Refinance A Home Loan

Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is

Read More