• HOME
  • Search For Homes
    • Detailed Search
    • Search by Area
      • Beaches
      • East County
      • North County
      • South Bay
    • Map Search
    • Browse By City
    • Existing Users
    • Luxury Homes
  • Information
    • Information for Home Buyers
      • Guide for Home Buyers
    • Information for Home Sellers
      • Guide for Home Sellers
    • Information and News
  • About Me
    • Why Choose Me
    • Testimonials
  • Contact
    • Call Now

U.S. Homeownership Rate Rises to Highest Point in 8 Years

U.S. Homeownership Rate Rises to Highest Point in 8 Years | Simplifying The Market

For nearly two months, most of us have been following strict stay-at-home orders from our state and local governments. It is a whole new way of life that has put our daily lives on pause. On the other hand, many of us have also found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed safe place for our families to live.
The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years (see graph below):U.S. Homeownership Rate Rises to Highest Point in 8 Years | Simplifying The MarketWhy is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”

The NAHB also emphasizes the year-over-year increase in each generational group:

“The homeownership rates among all age groups increased in the first quarter 2020. Households under 35, mostly first-time homebuyers, registered the largest gains, with the homeownership rate up 1.9 percentage points from a year ago. Households ages 35-44 experienced a 1.2 percentage points gain, followed by the 55-64 age group (a 0.9 percentage point increase), the 45-54 age group (a 0.8 percentage point gain), and the 65+ group age (up by 0.2 percentage point).” (See chart below):

U.S. Homeownership Rate Rises to Highest Point in 8 Years | Simplifying The MarketHomeownership is an important part of the American dream, especially in moments like this when many are feeling incredibly grateful for the home they have to shelter in place with their families. COVID-19 may be slowing our lives down, but it is showing us the emotional value of homeownership too.

Bottom Line

If you’re considering buying a home this year, let’s connect to set a plan that will help you get one step closer to achieving your dream.

SHANNON ANDERSON

REALTOR®, CRS, CSA, RMS, SFR, SRES

CA DRE #01380510

619-261-1133

iPRO REAL ESTATE

CA DRE #01942838

888-603-4776

 

  • Facebook
  • Google+
  • LinkedIn
  • Phone
  • Twitter
  • YouTube
Copyright © 2000-2020 ShannonAnderson.com - All information provided is deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental.

The CSA Certification Council requires that Certified Senior Advisors who present themselves as CSAs give to consumers the following written disclosure statement prior to the purchase of a product or service: Certified Senior Advisors (CSAs) have supplemented their individual professional licenses, credentials and education with knowledge about aging and working with seniors. It is recommended that you verify the validity of any professional’s credentials in which you conduct business and be sure you completely understand what those licenses, credentials and education signify. The CSA certification alone does not imply expertise in financial, health or social matters. For more details visit: www.csa.us

Our Privacy Policy