The housing market is ever-changing and, therefore, so are homeownership trends. We take a look at this year’s developments and how they’ve affected homeowners. Here are some homeownership trends from the first half of 2019:
- The average new home sales price is $315,000, which is up 125% from 1996.
- 52% of renters cited their reason for staying in apartments as being unable to afford a down payment on a home.
- Because Millennials are still renting at a high rate, rent continues to rise.
- Debt delays saving for a down payment on a home by three years for Millennials.
- 89% of Millennials hope to own homes in the future.
- Rising prices, low stock and slow recession recovery are affecting homeownership rates.
- Homeownership for consumers 35 years old and younger rose to 36.5% from 36% over the last year.
- It seems Millennials are switching from renting to owning as the number of new renter households has steadily declined, showing an overall decrease of 167,000 households.
- 63% of Millennial homeowners, the highest of any generation, say they have regrets about purchasing their current homes.
- 79% of Americans consider owning homes to be part of the “American Dream.”
- Home prices are expected to rise this year.
- Last year, student debt hit a high of $1.5 trillion, which has continued to pose difficulties for Millennials who are trying to save for and buy homes. An expected 400,000 more young adults would be homeowners if they didn’t have student debt.
- The Millennial generation holds the largest share of new mortgages by dollar volume, as of this year, in part because they are making smaller down payments, roughly 8.8% on average, than other generations.
- Millennials are buying less expensive homes than Gen Xers and Baby Boomers did, at a median price of $238,000.
- Millennials are prioritizing homeownership over marriage, with more unmarried couples are buying homes together than in the past.
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About the AuthorMore Content by Victoria Pallien