The homeownership rate is up. The Census Bureau recently reported a homeownership rate of 64.2% in the first quarter of 2019. That is up from the 10-year low of 63.7% in the first quarter of 2015.
Owning is better than renting. In a recent study by a major lending company, the report showed that 67% of homeowners surveyed aged 22 and older believe that owning a home is a better option than renting. In addition, the longer you remain in a home, the stronger you believe that owning is better than renting. The survey revealed that 72% of homeowners who have resided seven to nine years in their home agree with the statement, compared with 65% of those with at least 10 years in their home.
Few homeowners prefer renting. The survey showed that about “15% of homeowners believe renting is easier than owning a home, and another 18% are neutral on the topic”. “Just 13% of homeowners across all ages wish they could go back to renting, but when broken down by age, 1 out of every 5 homeowners ages 22 to 37 say they miss renting.”
Opportunity is calling. In conclusion, slowing home price gains, a slight uptick in homes for sale on the market, a super strong job market, along with historically low rates will push would-be-buyers off the fence and on their way to the American Dream of owning their own home.