The percentage of Americans who own their own homes has dropped to the lowest level in 50 years as more potential buyers choose to rent rather than buy. Nationwide the problem seems to rest with Millennials. Areas where ownership has fallen the most dramatically tend to have a higher concentration of younger people. They have watched family and friends struggle through the recession and foreclosure crisis and they simply prefer to rent.
Add to that the fact that these same young people are contending with mounting student debt and a less than stable job market and it is easier to see the allure of renting. Stringent mortgage guidelines have made it difficult for those with less than perfect credit or other fiscal challenges to make it through the approval process.
Bucking the downward trend is the Sarasota-Bradenton area which had the highest home ownership rate out of the nation's largest metro areas in the second quarter. Our home ownership rate sits at 75.6, well above the national average at 63.4 which has continued to decline throughout the great Recession. One of the factors that works in our favor is the number of older homeowners in the region, those who still believe in the American dream of home ownership and wealth building through equity and price appreciation. Cost has also been a factor as home prices have increased steadily to hit a median price of $245,000, but rents have also increased at a similar rate in the area while inventory has not kept up with demand.
If you are considering the sale or purchase of a home in the Lakewood Ranch, Fl. area, I would love the opportunity to earn your business and exceed your expectations. Put my expertise to work for you, call me at 941-706-5813 or email me at 5670kelly@gmail.com.
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