Homeownership Rate Continues to Rise in 2020 - EXIT Homevets Realty - Killeen-Fort Hood-Central TEXAS REALTORS®

Dated: 07/30/2020

Views: 147

Homeownership Rate Continues to Rise in 2020 | MyKCM

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.

Yesterday, the U.S. Census Bureau announced:

“The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).”

Homeownership Rate Continues to Rise in 2020 | MyKCMThe increase is also represented by race and ethnicity of the householder:Homeownership Rate Continues to Rise in 2020 | MyKCMThere are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today. According to Ralph McLaughlinChief Economist for Haus:

“Mortgage rates are the icing on the cake for households that were thinking about buying…They found an unexpected opportunity during the worst economic downturn America has seen since the Great Depression.”

In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger and, as noted by Odeta Kushi, Deputy Chief Economist at First American, are the buyers driving the homeownership rate in an upward direction:

“Big jump in the homeownership rate today, mostly driven by younger households. We saw a spike in the number of owners, and a decline in the number of renters. This is the highest rate of homeownership since 2008.”

This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.

Bottom Line

If you’re thinking of buying a home this year, let’s connect today to take your dream one step closer to reality.

Announcement from the census: As a result of the coronavirus pandemic (COVID-19), data collection operations for the CPS/HVS were affected during the second quarter of 2020. In-person interviews were suspended for the duration of the second quarter and replaced with telephone interview attempts when contact information was available. If the Field Representative was unable to get information on the sample unit, the unit was made a Type A no interview (no one home, refusal, etc.). See the FAQ for more information.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Blog author image

Yamilet Berlingeri

Allowed me to introduce myself, My name is "Yamy". I am a Licensed Real Estate Person who's Job is described as the Administrative Support Assistant and Office Manager at Exit HomeVets Realty. I am ....

Latest Blog Posts

Experts Weigh-In on the Remarkable Strength o the Housing Market - EXIT Homevets Realty - KILLEEN-FT HOOD, CENTRAL TEXAS REALTORS®

America has faced its share of challenges in 2020. A once-in-a-lifetime pandemic, a financial crisis leaving millions still unemployed, and an upcoming presidential election that may prove to be one

Read More

Will We See a Surge of Homebuyers Moving to the Suburbs? - EXIT Homevets Realty - KILLEEN-FT HOOD & CENTRAL TEXAS REALTORS®

As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities? Spending extra time at home

Read More

Homeownership Rate Continues to Rise in 2020 - EXIT Homevets Realty - Killeen-Fort Hood-Central TEXAS REALTORS®

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few,

Read More

Guidance and Support Are Key When Buying Your First Home - KILLEEN - FORT HOOD AND CENTRAL TEXAS REALTORS®

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association

Read More