Homeownership Rate on the Rise to a 6-Year High
Brent Wells February 21, 2020
Brent Wells February 21, 2020
The U.S. homeownership rate remains a critical indicator of long-term economic stability and wealth creation. Looking back at historical shifts, the United States Census Bureau reported that the homeownership rate reached 65.1% at the end of 2019, kicking off a major wave of home purchases across new generations.
This historic shift was largely driven by demographics. According to Realtor:
The largest cohort of the millennial generation turns 30-years-old and they are hitting the housing market in full force. Millennials make up the largest generational segment of homebuyers, growing their share of home purchase mortgages to nearly 48 percent.”
With so many Millennials entering a prime homebuying phase of life and cementing their footprint in the market, the Millennial Report also highlights the growing focus on real estate as a primary long-term objective:
"Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are actively saving to buy a home.”
While dynamic macroeconomics, changing inventory levels, and modern interest rate environments create a more complex landscape today than in years past, Freddie Mac underscores that demographic demand remains the foundational pillar of the housing market:
"The combination of home purchase demand, structural family planning changes, and positive financial market sentiment all point to home purchase demand continuing to influence the market long-term.”
The acceleration in homeownership rates has also highlighted notable growth across diverse consumer demographics. HousingWire notes:
"The homeownership rate for Black Americans rose significantly to 44%, while the rate for Hispanic Americans reached 48.1%. Concurrently, the rate for White Americans held at a robust 73.7%, showing an all-around increase in home purchasing power across major ethnic demographics.”
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