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Homeownership Continues to Fall

According to new data released by rental startup Zumper, the dream of homeownership continues to be out of reach for many. firsthand that our desire to own a home does not necessarily fall in line.

Homeownership continues to make sense for many Americans. But for those whose income is limited or who are still building their careers, a house can be an anchor than limits their ability to move to.

Mortgage Rates Continue to Fall, Leading to More Home sales. mortgage rates at the end of May dipped below four percent for the first time in 16 months and have now dropped a full percentage point since November.

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Rental Vacancy Rate at 20 Year Low. The rental market continues to be heat up with the national rental vacancy rate dropping to a 20 year low. At the same time, the homeownership rate continues to fall and is now at a low point not seen since the third quarter of 1994. The current first-time buyers share is 29% and remains well below.

During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years. That led to speculation that homeownership was no longer seen as a major component of the American Dream.

Broken out by age bracket, the homeownership rate for people under 35 continues to fall, dropping to 34.2% in the first quarter from 34.7% in the fourth quarter. That’s the lowest that figure has been.

And the number of foreclosures and distressed sales continues to fall, per CoreLogic. But the biggest thing holding down the homeownership rate could be racial inequality. The rate among white Americans is more than 30 percentage points higher than among black Americans, according to Trulia, a real estate site.

Pending home sales and new home sales were declining for a while which led to mortgage rates continuing to fall. However, consumers finally identified a window of opportunity and decided to take it. According to data released by the National Association of REALTORS (NAR), existing home sales increased by 2.5 percent in May when compared to April.

The rate of home ownership continues to decline in the United. and continuing to fall in the Tampa bay market years after the end of the last.

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