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Why All the Chicken Littles Should Calm Down

The U.S. Census Bureau recently released their 2019 Q2 Homeownership Report. Some began to see the sky falling, believing the report showed Americans may be stepping back from their belief in homeownership.

The national homeownership rate (Americans who owned vs. rented their primary residence) increased significantly during the housing boom, reaching its peak of 69.2% in 2004. The Census Bureau reported that the second quarter of 2019 ended with a homeownership rate of 64.1%, which is down from the 64.8% rate for the fourth quarter of 2018. Based on this news, some started to question the consumer’s belief in the idea of homeownership as a major part of the American Dream.

Everyone Calm Down…

It is true the homeownership rate did fall. However, if you look at the national rate over the last 35 years (1984-2019), you can see that the current homeownership rate has returned to historical norms. The 64.1% rate is equivalent to the rates in 1984 and 1994.homeownership, homeownership rate, American Dream, first-time home buyers, #christianpenner, #ChristianPennerMortgageTeam, #DreamHome, #FannieMaeLoans, #FHAloans, #Fix&FlipLoans, #ForSale, #FreddieMacLoans, #HouseHunting, #JumboLoans, #mortgagebroker, #MortgageLenderWestPalmBeach, #MortgageRates, #NewHome, #PrivateLoans, #RealEstate, #ReverseMortgages, #SelfEmployedLoans, #USDALoans, #VALoans, mortgage broker west palm beach, palm beach mortgage, mortgage brokers palm beach county, hard money lenders west palm beach, palm beach mortgage, mortgage brokers palm beach county, the mortgage team, palm beach mortgage group, plam mortgage, jupiter lending, mortgage companies in florida, mortgage broker west palm beach, palm beach mortgage, mortgage brokers palm beach county, hard money lenders west palm beach, west palm beach mortgage company, mortgage rates, simple mortgage calculator, mortgage amortization calculator, mortgage calculator with pmi, mortgage calculator zillow, mortgage calculator texas, mortgage cost calculator, mortgage simple definition, va mortgage calculator, va mortgage rates, va home loan requirements, va loan benefits, va home loan benefits, va loans bad credit, va home loan certificate of eligibility, va personal loan, usda rural development, usda mortgage calculator, usda direct loan, usda mortgage rates, usda loan credit requirements, usda lenders, usda loan income limits, usda direct loan income limits, usda loan calculator, usda loan rates, usda direct loan, usda mortgage rates, usda home loan calculator, what does usda do, usda loan income requirements, usda loan eligibility map, usda loan rates 2018, usda lenders, usda loan income limits, usda business loans, usda loan home condition requirements, usda home loan map, usda credit score waiver, what does aphis stand for, quicken loans 1 down payment, fha mortgage lenders near me, usda loan requirements pa, what does fsis stand for, usda organic full form, top usda lenders, does quicken loans do 203k, where to apply for a usda home loan, mortgage calculator, what is a jumbo loan, jumbo loan rates, fha loan limits florida 2018, what is a gse loan, gse 1 unit limit, va loan limits florida, conventional loan limits florida 2018,

What Will the Future Bring?

Part of the reason the homeownership rate slipped is a lack of inventory available for purchase for first-time home buyers. The demand is there, but currently, the supply is not. It seems, however, that is about to change.

In a recent report, Ivy Zelman explained that builders have finally started to increase the number of homes they’re constructing at the lower-end price points:

“Robust growth in the entry-level price point of late should translate to a reacceleration in homeownership rates moving forward.”

Bottom Line

Today, the homeownership rate sits at historic norms. In all probability, it will increase as more inventory becomes available. There is no reason for concern.

 

Source: Click Me

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Why All the Chicken Littles Should Calm Down

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