Are You Part of the Statistic?

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

This is good and unexpected news!

 

U.S. Homeownership Rate Rises to Highest Point in 8 Years

U.S. Homeownership Rate Rises to Highest Point in 8 Years

For nearly two months, most of us have been following strict stay-at-home orders from our state and local governments. It is a whole new way of life that has put our daily lives on pause. On the other hand, many of us have also found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed safe place for our families to live.

The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years (see graph below):U.S. Homeownership Rate Rises to Highest Point in 8 Years | Keeping Current MattersWhy is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”

The NAHB also emphasizes the year-over-year increase in each generational group:

“The homeownership rates among all age groups increased in the first quarter 2020. Households under 35, mostly first-time homebuyers, registered the largest gains, with the homeownership rate up 1.9 percentage points from a year ago. Households ages 35-44 experienced a 1.2 percentage points gain, followed by the 55-64 age group (a 0.9 percentage point increase), the 45-54 age group (a 0.8 percentage point gain), and the 65+ group age (up by 0.2 percentage point).” (See chart below):

U.S. Homeownership Rate Rises to Highest Point in 8 Years | Keeping Current MattersHomeownership is an important part of the American dream, especially in moments like this when many are feeling incredibly grateful for the home they have to shelter in place with their families. COVID-19 may be slowing our lives down, but it is showing us the emotional value of homeownership too.

Bottom Line

If you’re considering buying a home this year, contact a local real estate professional to set a plan that will help you get one step closer to achieving your dream.

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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Topic:
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FOR SALE BY OWNER - MARKETING(FSBO)
New Hampshire - Real Estate and Life in The Granite State!
MA REALTORS
Boston Area Real Estate
Tags:
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Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Mortgages rates are very desirable and have been for some time now Roy Kelley and as you say, smart consumers will be looking to take advantage of them

May 04, 2020 11:51 AM #5
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I hope you find something to your liking Nick Vandekar, 610-203-4543 and I hope you are able to do sooner rather than later

May 04, 2020 11:52 AM #6
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

You know, Joan Cox, I was surprised when I read this. You are right, we should be shouting from the rooftops

May 04, 2020 11:53 AM #7
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I'm really looking for would-be sellers to hit the market once we exit this crisis Grant Schneider 

May 04, 2020 11:54 AM #8
Rainmaker
3,413,459
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Doug, and thanks for the great information on what is happening in our business.  Make it a great day!

 

May 04, 2020 12:22 PM #9
Rainmaker
2,182,645
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Doug Dawes - Thanks for sharing the GOOD news! Propsective buyers and sellers will be happy to know they can count on you for good real estate news. 

May 04, 2020 01:01 PM #10
Rainmaker
1,374,077
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

This is very good news Doug Dawes. It will be interesting to see the comparisons going forward. 

May 04, 2020 04:57 PM #11
Rainmaker
620,304
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Doug,

Good post. It will be interesting going forward what the markets are doing. It is good to see all age groups are still be coming a home owner and living the American Dream. Thanks for sharing.

May 04, 2020 06:44 PM #12
Rainmaker
3,350,331
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug it always is nice to find out who is part of these statistics, Endre

May 04, 2020 11:59 PM #13
Rainmaker
581,392
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Good Morning Doug,

It is Home that elicits that feeling of pride and security. Thank you Doug for the stat.:)

May 05, 2020 05:16 AM #14
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Will Hamm 

How are things in Colorado? It's been warm here but cooling off

May 05, 2020 06:55 AM #15
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Patricia Feager, MBA, CRS, GRI,MRP 

I was surprised at the statistic. The market is steady here

May 05, 2020 06:57 AM #16
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It's always good to see rolling figures Sheri Sperry - MCNE® BUT it was a bit of unexpected good news

May 05, 2020 06:58 AM #17
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Steve Higgins 

Yes sir, I just hope the demand will continue.

 

May 05, 2020 07:00 AM #18
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It sure is Endre Barath, Jr. 

Today I'm relaxing and may do some yard work

May 05, 2020 07:01 AM #19
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

You are 100% spot on Maria Gilda Racelis Thanks for stopping by and leaving a comment

May 05, 2020 07:02 AM #20
Rainmaker
620,304
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Doug,

I hope too the demand will continue and just keep going. If your markets are strong hopefully it will help to keep ours strong too. Our sales are way down but our prices are staying strong so far.

May 05, 2020 06:17 PM #21
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Steve Higgins 

In our area of Northeastern Massachusetts prices are strong and still increasing. There is a lot of pent up demand. Our inventory, when I last checked, was .068 months of inventory. The economy can't stay closed forever. If it's down for an extended time...well I don't want to think about it

May 05, 2020 06:26 PM #22
Rainmaker
620,304
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Doug,

That's all great news for you! I am hoping the demand is pent up here and once they start to loosen the restriction the houses will start hitting the market and the buyers will come.

May 06, 2020 06:29 PM #23
Rainmaker
859,758
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Somehow a 0 got put in from of the months of inventory. It should read .68 months Steve Higgins 

May 07, 2020 08:25 AM #24
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