Homeownership in the U.S. Highest in 8 Years

According to the current findings of the (HVS) which is comprised of data collected by the U.S. Census Bureau, Americans are deeply valuing homeownership in these current times. Since most have been following the stay-at-home orders, many have spent a lot of time at home. The home we live in has become our families’ safe place.

The country has seen continued growth in homeownership, in fact, homeownership is up 65.3% for the first quarter of 2020. This number has been increasing since 2016 and is the highest the country has witnessed in eight years.

The National Association of Home Builders (NAHB) reported 2.7 million homeowners were added in the first quarter of 2020 bumping up the homeownership rate. The highest rise was in the households under 35 at 1.9 points from a year ago, households ages 35 – 44 had a 1.2 percentage points raise, households in the age group of 55 – 64 had a 0.9% gain while households 65 and up only had a 0.2 percentage point gain.

During these unprecedented times, homeownership has become a very important part of many American’s lives. Families feel that they have a shelter in place when it comes to their homes. Not only is there a monetary value place on your home but an emotional value as well.

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