Homeownership Rate Continues to Rise in 2020
by Realtor Bobby Freeman
So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles such as COVID-19, record unemployment, and more.
Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.
The U.S. Census Bureau recently announced:
The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).
The increase is also represented by race and ethnicity of the householder:
There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today.
“The historic low mortgage interest rates have helped many home buyers purchase sooner than later,” says Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“They have discovered an unexpected opportunity during the worst economic downturn America has seen in many decades,” says McCoy.
In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger.
According to Odeta Kushi, Deputy Chief Economist at First American states a spike in the number of owners, and a decline in the number of renters making this the highest rate of homeownership since 2008.
This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.
Bottom Line
If you’re thinking of buying a home this year, let’s connect today to take your dream one step closer to reality.
McCoy Freeman Real Estate
(321) 720-6654
mccoyfreemangroup@gmail.com