Census Department: Homeownership Rises to 4-Year High
Homeownership is up while renting is down, according to a Quarterly Residential Vacancies and Homeownership report from the U.S. Census Department.
The report focused on data from the second quarter of 2018. During that period, the rate of homeownership rose to 64.3%, a slight increase from the second quarter of 2017 (63.7%). Over that period, 1.77 million Americans purchased a home, while rental rates declined by roughly 100,000.
Millennials enjoyed the greatest jump in homeownership. Among those thirty-five and under, ownership increased to 36.5%, up over one percentage point from last year’s 35.3%.
What Does the Rise in Homeownership Mean?
This steady rise in homeownership suggestions that the housing recovery is remaining strong. Pairing this increase in homeownership throughout the U.S. with the rising home prices in Lake Worth, there could be an opportunity for homebuyers to see their home appreciate in value if the upward trend continues.