Homeownership Rates by Age

“Surveys consistently find that the overwhelming majority of young adults plan to own a home in the future, but many would be buyers have stayed on the sidelines, waiting for the job outlook to improve and house prices to stop falling. But as markets tighten, these fence sitters may begin to take advantage of today’s low home prices and unusually low mortgage rates. With rents up, home prices sharply down, and mortgage interest rates at record lows, monthly mortgage costs relative to monthly rents, haven’t been this favorable since the early 1970s.”

Here is the Managing Director of the Joint Center for Housing Studies at Harvard University saying, based on what’s happening right now, maybe some of these people should buy. – Courtesy of KCM Crew