Real Estate Investing

U.S. homeownership rate hits 6-year high, but still lags behind pre-Recession days

Homeownership in the United States has rebounded in the aftermath of the 2008 Recession, but not as much as economic analysts might have hoped.

New data released in the Census Bureau’s Housing Vacancy Survey shows the nation’s homeownership rate reached 65.1% in the fourth quarter of 2019. That’s the highest mark since 2013 and was a modest 0.5 percentage points above the third quarter of 2019.

While the trend appears to be positive, if not overwhelming, the bigger picture points to a market that hasn’t fully recovered. The 25-year average homeownership rate stands at 66.3% and hit a high of 69.2% in the final quarter of 2004.

The low point during that stretch came in the second quarter of 2016, when the homeownership rate fell to 62.9%.

The slight improvements seen in the last year have largely been attributed to the lower interest rates that have enabled more aspiring home buyers to enter the market, according to HousingWire. On the other hand, lower inventory of homes in the affordable price range has prevented more significant growth and increased the price of available homes in many markets.

One area of promising growth last year came among black households, who saw a full percentage point increase in homeownership, reaching 44%. Still, this falls a massive 30% behind non-Hispanic white households and is the lowest of any racial or ethnic group. Self-identified Hispanic households saw homeownership rates rise over a point to 48.1%.

Millennial homeownership — those under 35 — increased 1.1% annually to reach 37.6%. The only group to see a decline was those between 35-44, who fell from 61.1% in the fourth quarter of 2018 to 60.4% in the final quarter of 2019.

There is reason for optimism among home buyers, as Black Knight Data & Analytics President Ben Graboske told HousingWire.

“Despite the average home price increasing by nearly $13,000 from just over a year ago, the monthly mortgage payment required to buy that same home has actually dropped by 10% over that same span due to falling interest rates,” Graboske said.

As long as rates don’t spike in the near future, the market will continue to be favorable for homebuyers, even if big picture advances in homeownership are modest.

Photo Credit: Mark McCammon for Pexels

240 Comment

  1. Pingback: viagra otc
  2. Pingback: coupon for cialis
  3. Pingback: ed drugs
  4. Pingback: ed pills otc
  5. Pingback: cialis online
  6. Pingback: canada pharmacy
  7. Pingback: rx pharmacy
  8. Pingback: generic cialis
  9. Pingback: cialis mastercard
  10. Pingback: levitra 10 mg
  11. Pingback: levitra generic
  12. Pingback: levitra coupon
  13. Pingback: pala casino online
  14. Pingback: cialis buy cialis
  15. Pingback: loan online
  16. Pingback: pay day loans
  17. Pingback: buy cialis
  18. Pingback: slot machine games
  19. Pingback: cialis internet
  20. Pingback: dessie
  21. Pingback: cialis buy
  22. Pingback: 5 mg cialis
  23. Pingback: cialis 5 mg
  24. Pingback: 20 cialis
  25. Pingback: gambling games
  26. Pingback: free casino games
  27. Pingback: sildenafil 20
  28. Pingback: viagra price
  29. Pingback: viagra pill
  30. Pingback: best pills for ed
  31. Pingback: cheap viagra
  32. Pingback: buy tadalafil
  33. Pingback: best ed pills
  34. Pingback: levitra
  35. Pingback: generic for viagra
  36. Pingback: cialis pills
  37. Pingback: cialis coupon
  38. Pingback: viagra alternative
  39. Pingback: tadalafil 5mg
  40. Pingback: real online casino
  41. Pingback: sildenafil citrate
  42. Pingback: sildenafil
  43. Pingback: buy viagra generic
  44. Pingback: Viagra 50mg otc
  45. Pingback: Google
  46. Pingback: viagra buy
  47. Pingback: cialis
  48. Pingback: Viagra 100mg otc
  49. Pingback: canadian viagra
  50. Pingback: rxtrust pharm
  51. Pingback: viagra sale
  52. Pingback: order levitra 60mg
  53. Pingback: propecia 1mg price
  54. Pingback: viagra dosage
  55. Pingback: abilify 20 mg cost
  56. Pingback: Google
  57. Pingback:
  58. Pingback: cheap viagra rush
  59. Pingback: order arimidex 1mg
  60. Pingback: super cialis
  61. Pingback: tadalafil
  62. Pingback: atarax 25mg price
  63. Pingback: buy avapro 300 mg
  64. Pingback: buy viagra online
  65. Pingback:
  66. Pingback: sildenafil
  67. Pingback: cardizem online
  68. Pingback: sildenafil generic
  69. Pingback: cipro otc
  70. Pingback: real money casino
  71. Pingback: free slots online
  72. Pingback: rx trust pharm
  73. Pingback: casino online
  74. Pingback: casino slot
  75. Pingback: money order viagra
  76. Pingback: nitrate medication
  77. Pingback: quick loans
  78. Pingback: speedy cash
  79. Pingback: viagra 130 mg
  80. Pingback: cbd oil
  81. Pingback: term paper writer
  82. Pingback: viagra email list
  83. Pingback: paper writer
  84. Pingback: buying essay
  85. Pingback: online homework
  86. Pingback: buy essays online
  87. Pingback: clonidine generic
  88. Pingback: colchicine uk
  89. Pingback: cialis costco

Comments are closed.