{"id":663,"date":"2017-02-07T00:00:00","date_gmt":"2017-02-07T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/is-this-the-new-normal-for-homeownership\/"},"modified":"2017-07-08T01:42:05","modified_gmt":"2017-07-08T01:42:05","slug":"is-this-the-new-normal-for-homeownership","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/is-this-the-new-normal-for-homeownership\/","title":{"rendered":"Is This the New Normal for Homeownership?"},"content":{"rendered":"

The homeownership rate is on the decline again. The latest numbers reflecting the fourth quarter of 2016 show the homeownership rate fell from 63.8 percent a year earlier to 63.7 percent, the Census Bureau reported.<\/p>\n

While the drop may seem slight, it reflects an overall trend for homeownership in the country for the past few years. The historical average for the homeownership rate is about 65 percent.<\/p>\n

Read more<\/strong>: Yun: Home Ownership Still Matters<\/span><\/a><\/p><\/blockquote>\n

Despite housing<\/a> market improvements, the homeownership rate continues to drop due to tight credit conditions and the many young households saddled with student debt and low wage growth who are delaying first-time purchases, The Wall Street Journal reports.<\/p>\n

Further, rising home prices and rents are making it more difficult for would-be buyers to save for a down payment. The biggest culprit for the decrease in the homeownership rate may be the fact that more young people are opting to continue to live with their parents and more people are choosing to rent instead of own, economists say.<\/p>\n

The latest Census data shows that 805,000 new households were created in the fourth quarter of 2016. Fifty-four percent of those new households, however, were renter-occupied.<\/p>\n

Mark Zandi, chief economist at Moody\u2019s Analytics, says he believes the homeownership rate has bottomed out. He predicts it will hover around 63.5 percent until the beginning of the next decade.<\/p>\n

The millennials may still be the generational force that turns around the homeownership rate. But the housing industry may still be a few years off until they gain traction. Americans usually purchase their first homes in their early 30s. The median age of the millennial generation is still just 27 years old, says Zandi.<\/p>\n

Source: \u201cWhy the Homeownership Rate Isn\u2019t Likely to Take Off Anytime Soon<\/a>,\u201d The Wall Street Journal (Jan. 31, 2017)<\/em><\/p>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The homeownership rate is on the decline again. The latest numbers reflecting the fourth quarter of … Is This the New Normal for Homeownership?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":664,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[3],"tags":[518,1403,15239,625,12908,543,3051,627,445,127,617,344,1007,818,15296],"class_list":["post-663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-owner","tag-america","tag-buy","tag-chase","tag-down-payment","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-homeownership","tag-homes","tag-house","tag-housing","tag-owners","tag-real","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/1g18J3iNo50","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3958,"url":"https:\/\/amazingproperty.com.ng\/blog\/is-the-homeownership-rate-finally-stabilizing\/","url_meta":{"origin":663,"position":0},"title":"Is the Homeownership Rate Finally Stabilizing?","author":"Amazing Property","date":"April 28, 2017","format":false,"excerpt":"Is This the New Normal for Homeownership? The U.S. homeownership rate was 63.6 percent in the first quarter of 2017, barely budging from last quarter\u2019s reading of 63.7 percent, the U.S. Census Bureau reports. Read more: Is This the New Normal for Houseownership? After reaching a cycle low of 62.9\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1268,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-happened-to-black-homeownership\/","url_meta":{"origin":663,"position":1},"title":"What Happened to Black Homeownership?","author":"Amazing Property","date":"February 24, 2017","format":false,"excerpt":"The Changing Face of Homeownership. Black homeownership has fallen to levels not seen since the 1960s. Black homeownership has fallen to levels not seen since the 1960s, shows a new analysis by The Urban Institute. Many demographic groups faced a decline in homeownership during the housing crisis, but blacks appear\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Block Homeownership","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-11-1024x497.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-11-1024x497.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-11-1024x497.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":647,"url":"https:\/\/amazingproperty.com.ng\/blog\/hispanic-homeownership-defies-national-trend\/","url_meta":{"origin":663,"position":2},"title":"Hispanic Homeownership Defies National Trend","author":"Amazing Property","date":"February 6, 2017","format":false,"excerpt":"[ad_1] The Hispanic demographic was the only ethnic demographic with an increase in the homeownership rate in 2016. The Hispanic homeownership rate rose from 45.6 percent in 2015 to 46 percent last year, according to the National Association of Hispanic Real Estate Professionals. Read more: Building a Bilingual Agency Further,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4068,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-households-favoring-homeownership\/","url_meta":{"origin":663,"position":3},"title":"New Households Favoring Homeownership","author":"Amazing Property","date":"May 1, 2017","format":false,"excerpt":"For the first time in a decade, more new households chose to buy a home rather than rent one in the first quarter of 2017, according to Census Bureau data. 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