Homeownership Rates Surging to Highest Level in 12 Years

It was reported this week that U.S. homeownership rose from 64.1% a year ago to nearly 68% in the second quarter of 2020.  The largest increase was in young adults and minorities gaining homeownership and all age groups showed increases.  People under age 35 purchasing homes increased to 40.6% and Black Americans increased to 47%, which is reported to be the highest since 2008.  Just a year prior, the homeownership rates for Black households had fallen to their lowest rate on record.  The homeownership rate among Hispanics reached 51.4%, which according to the US Census Bureau was its highest since 1994.  Lower mortgage rates continue to be attributed to driving much of the increase and it is also expected that this will prompt more homebuilding that is so needed to improve inventory levels.  Read the full article here:  Homeownership Rates through the Roof

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