US home-ownership rate hits highest level since 2014

Dated: 03/05/2019

Views: 79

From Florida REALTORS Newsletter: U.S. homeownership rate hits highest level since 2014

NEW YORK – March 4, 2019 – The U.S. homeownership rate climbed in the fourth quarter to the highest level in nearly five years, according to U.S. Census Bureau figures released on Feb. 28. The share of American households that own their homes rose to 64.8 percent in the fourth quarter of last year, up from 64.2 percent a year earlier.

The last time the homeownership rate was that high was in 2014, and the new figures provide fresh evidence that momentum is shifting back to owning instead of renting.

The United States added about 1.7 million owner households in 2018 but lost 167,000 renter households, according to the Census Bureau.

Even though housing inventory and affordability have been low, "buyers are really expressing their desire for the American dream, albeit surely but slowly," says Ralph McLaughlin, deputy chief economist at CoreLogic Inc.

Homeownership also offers a boost to the broader economy. New owners, whether striking out from their parents' basement or from apartments they share with roommates, helped fuel demand for new construction, renovations, furniture, and real-estate brokerage services.

The homeownership rate among households headed by someone who is 35 to 44 years old increased to 61.1 percent in the fourth quarter from 58.9 percent a year earlier. The rate for households with an owner under 35 years old jumped to 36.5 percent from 36 percent in the same period. 

Source: Wall Street Journal (03/01/19) Kusisto, Laura

© Copyright 2019 INFORMATION, INC. Bethesda, MD (301) 215-4688

Blog author image

Barry and Kim with the Hoey Team ☘

"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

Buying a Golf Course Residence ☘ Hoey Team ☘ eXp Realty

Golf Course ResidencesConsidering a golf course property purchase? You’re in good company. It’s a buyer’s market for those looking to purchase a home within a golf community,

Read More

CoreLogic UPDATE: Home prices Set to Rise Through July 2020 ☘ Hoey Team ☘ eXp Realty

Rising family incomes, low mortgage rates and older millennials should keep home prices moving higher through at least July of next year.NEW YORK – Thanks to rising family incomes, low

Read More

Mansions aren’t the only property millionaires have to worry about when a hurricane hits — there’s also yachts, cars, and wine collections ☘ Hoey Team ☘ eXp Realty

Here’s how the ultra-wealthy prepare for the worstFotoKina / ShutterstockAffluent homeowners have higher-value property and assets to protect during national disasters.Insurance

Read More

PRESS RELEASE ☘ Barry earns the CRS (Certified Residential Specialist®) Designation ☘ What it means for Sellers and for Buyers ☘ Hoey Team ☘ eXp Realty

FOR IMMEDIATE RELEASEFor more information, contact:Barry Hoey Hoey Team ☘ eXp Realty 239-360-5527 Barry@SWFLLuxury.Com SWFLLuxuryCollection.ComJoining Three Percent of all Realtors, Barry Hoey

Read More