The famous quote by Walt Whitman, “A man is not a whole and complete man, unless he owns a house and the ground it stands on,” can be used to describe homeownership in America today. TheCensusrevealedthat the percentage of homeowners in America has been steadily climbing back up since hitting a 50-year low in 2016. The homeownership rate in the first quarter of 2018 was 64.2%, higher than last year’s 63.6%.
Chief Economist,Dr. Ralph McLaughlin, in hisVUE Bloggave these new homeownership numbers some context:
“The trend is clear: the homeownership rate has been ticking up for five consecutive quarters, and the number of new renter households has fallen for four consecutive quarters. Owner-occupied households grew by 1.345 million from a year ago, while the number of renters actually fell by 286,000 households.
The fact that we now have four consecutive quarters where owner households increased while renter households fell is a strong sign households are making a switch from renting to buying. This is a trend that multifamily builders, investors, and landlords should take note of.”
In a separatearticlecomparing the rental population in America to the homeowner population,Realtor.comalso concluded that the gap is now shrinking:
“The U.S. added 1.3 million owner households over the last year and lost 286,000 renter households, the fourth consecutive quarter in which the number of renter households declined from the same quarter a year earlier. That could pose challenges for apartment landlords, who are bracing this year for one of the largest infusions of new rental supply in three decades.”
America’s belief in homeownership was also evidenced in asurveyconducted byPew Research.They asked consumers“How important is homeownership to achieving the American Dream?”
43% said homeownership wasessentialto the American Dream
48% said homeownership wasimportantto the American Dream
Only 9% said it was not important
Homeownership has been, is, and always will be a crucial part of the American Dream.
Author:John and Ashley Lazosky Phone: 702-281-1198 Dated: May 14th 2018 Views: 7 About John and Ashley: We are the Broker/Owners of Vegas Homes and Fine Estates. We are proud to say we have a combined 22...
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Vegas Homes and Fine Estates has over 15 years combined experience in the Real Estate industry AND have represented 100’s of buyers and sellers helping them realize their real estate dreams. As Broker/Owner of Vegas Homes and Fine Estates, I have consistently ranked in the top 1% of agents in the Las Vegas Valley. Combined with my husband and partner JOHN, we are an UN-Stoppable FORCE in the Vegas Real Estate MARKET!!! With complete knowledge of the Las Vegas marketplace and personalized client services… you can expect your home buying needs will be serviced properly and protected.
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What If I Wait Until Next Year to Buy a Home? We recently&nb
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