Homeownership rates drop to 62.9 in the second quarter of 2016, matching the lowest ever recorded rate by the U.S. Census Bureau in 1965.
According to the U.S. Census Bureau; in April-June of this year, approximately 87.3% of housing units within the United States were occupied, leaving roughly 12.7% vacant. Of the occupied housing units, only about 54.9% are owned properties.
With homeownership increasing in each age group, it appears that the drop in the rate is most noticeable within the younger generations, including individuals between the ages of 18-34. One explanation for this is due to the fact that home prices have been steadily outpacing gains in average earnings. This along with immense student loan debts is making it more difficult for first-time home buyers to save for down payments.
With our new 1% down loan program, our clients can relax and get into their new home without stressing about a high down payment.
Combine this program with mortgage rates near historic lows, there is no time better than the present to purchase your dream home!