2017 Homeownership Rate Increased Despite Shortage of Homes
According to a recent U.S. Census Bureau report, the annual homeownership rate increased to 63.9 percent in 2017, an increase of 0.5 percent from a year earlier. It has been more than a decade since the last time it increased, in 2004.
Homeownership rates are starting to increase again because they finally bottomed out, says Senior Economist Joseph Kirchner of realtor.com. “After eight years of recovery, home buyers have employment and confidence that they will keep their jobs, so that they can now take the plunge into homeownership.”
A strengthening economy, fewer foreclosures, and millennials who are transitioning from living at home and renting to becoming homebuyers are giving rates a boost. According to the report, millennial homeownership increased 1.3 percent annually fourth quarter over fourth quarter.
In the fourth quarter of 2017, only 36 percent of millennials owned homes, in comparison to 58.9 percent of those between the ages of 35 and 44 and 69.5 percent of those aged 45 to 54. Homeownership was at 75.3 percent for people age 55 to 64 and at 79.2 percent for people over the age of 65.
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