{"id":14352,"date":"2018-11-02T12:32:38","date_gmt":"2018-11-02T12:32:38","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=14352"},"modified":"2018-11-02T12:32:39","modified_gmt":"2018-11-02T12:32:39","slug":"millennials-boosting-u-s-home-ownership","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/millennials-boosting-u-s-home-ownership\/","title":{"rendered":"Millennials Boosting U.S. Home ownership"},"content":{"rendered":"

Millennials Boosting U.S. Home ownership<\/h1>\n

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\"Millennials<\/a>

Millennials Boosting U.S. Home ownership<\/p><\/div>\n

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A larger number of Americans\u2014notably fueled by millennials\u2014entered home ownership during the summer months. The national home ownership rate rose to 64.4 percent in the third quarter\u2014a half percentage point higher than a year ago, the U.S. Census Bureau reported this week.<\/p>\n

The increase was largely attributed to a rise in first-time buyers as more millennials entered home ownership. The ownership rate among those under the age of 35 climbed from 35.6 percent in the third quarter of 2017 to 36.8 percent in the third quarter, according to the bureau’s report.<\/p>\n

\u201cMore people are choosing home ownership over renting, and a large part of that story is the historically large number of first-time home buyers,\u201d says Tian Liu, Genworth Mortgage Insurance\u2019s chief economist. \u201cIn the past two years, first-time home buyers have purchased at least 1.9 million homes each year. That is more than the pace of household formation over the same period, meaning that the transition from renting to owning is the more powerful driver of housing demand.\u201d<\/p>\n

Liu says that has been an often overlooked reason for the rapid increase in home prices. \u201cParadoxically, the rise of first-time home buyers, which has pushed home prices up, also is slowing home sales today.\u201d Liu says. \u201cThese events caused the home ownership rate and home sales to diverge this quarter.\u201d<\/p>\n

However, the home ownership rate among several age groups did see a drop in the third quarter. For example, the ownership rate of those between ages 35 to 44 dropped slightly from 60 percent in the second quarter to 59.5 percent in the third quarter. The ownership rate of those between the ages of 45 to 54 years old also saw a drop, decreasing from 70.6 percent in the second quarter to 69.7 percent in the third quarter.<\/p>\n

On the other hand, Americans between the ages of 55 and 64 and those who are 65 and older both saw increases in ownership rates in the third quarter.<\/p>\n

Despite the overall uptick in the ownership rate in the third quarter, home ownership still remains far from its all-time high of 69.1 percent set in 2004. The home ownership rate has shown gradual improvement since hitting bottom at 62.9 percent in 2016.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cAmerican Homeownership Increases Again as Housing Market Looks for Balance<\/a>,\u201d MarketWatch (Oct. 31, 2018) and \u201cMillennials Drive Homeownership Rate Increase in Q3<\/a>,\u201d HousingWire (Oct. 30, 2018)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Millennials Boosting U.S. Home ownership   A larger number of Americans\u2014notably fueled by millennials\u2014entered home ownership during the summer months. The national home ownership rate rose to 64.4 percent in the third quarter\u2014a half percentage point higher than a year ago, the U.S. Census Bureau reported this week. The increase was largely attributed to a … <\/p>\n

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