Home Ownership Rate on the Rise to a 6-Year High
This home ownership increase does not come as a surprise. According to realtor.com, “The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of 2019, Millennials made up the largest generational segment of home buyers, growing their share of home purchase mortgages to 48 percent.”
With so many Millennials entering a home buying phase of life and getting into the market, the Millennial Report also explains, “Home ownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger Millennials are saving to buy a home.”
Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making home ownership more desirable and achievable at the same time. Freddie Mac explains, “The combination of very low mortgage rates, a strong economy and more positive financial markets all point to home purchase demand continuing to rise over the next few months.”
The increase in home ownership rates were also represented by race and ethnicity of the householders. HousingWire explains, “The home ownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”
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