It looks like homeownership is still a critical part of the American dream.
The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership. According to the survey, the homeownership rate in the United States increased to 65.3% for the first quarter of 2020. This marks the highest number we’ve seen in eight years.
The National Association of Home Builders (NAHB) explains the year-over-year increase:
“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
Falling mortgage rates are helping to ease affordability constraints that have kept renters from becoming homeowners, and the sales market is hot again despite continued stay-at-home measures enacted to combat COVID-19.
Conclusion
Homeownership is still an important part of the American dream. After spending several months under strict quarantine orders, it might be time to ask yourself if you would rather be a renter or a homeowner. Now is the perfect time to buy a house at a great price with favorable terms and turn it into a place your family can call home.
We understand the process can be scary, confusing, and hard. Our mission at NEO is to empower you with the information and tools you need so you can achieve your dream of homeownership with less stress.
If you would like to see how much financing you can qualify for, fill out the form below request a free consultation with one of our mortgage professionals.
