Home ownership Hits 48 Year Low
Homeownership fell slightly again in the first quarter of 2016 while renters have increased in numbers. Rising prices, student loans, delays in marriage & child bearing are some of the factors that are pushing this trend. “One of the biggest hurdles now is affordability,” Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, N.C., told National Mortgage News. “Home prices are rising so much faster than incomes, so it’s hard for buyers to save for a down payment.”
The good news in this is that eventually these people sitting on the sidelines will become home owners as their situation changes. According to a survey completed by National Association of Home Builders, 81% of 18 to 29 year old’s said they want to be able to buy a home one day. The survey of 2,800 registered voters also said that they view home ownership as a good investment.
Here is the complete census report on housing.