![]() 35-44 years, homeownership rate: +2 percentage points to 62.2%.Less than 35 years, homeownership rate: +2 percentage points to 39.0%.Homeownership rates between 20 include the year before the pandemic and the year afterwards. And growth in homeownership rates for both periods was driven by people under 45 years of age. The Census Bureau’s report on its Population Survey/Housing Vacancy Survey, released today, sorts out the homeownership rate of “householders” – people in whose name the home is owned, being bought, or rented – by age group for two time periods: from 2016 through 2022, and from 2019 through 2022. What we’ll look at in a moment is what age groups were behind the growth in homeownership rates from 2016 through 2022, and from 2019 through 2022. The homeownership rate overall peaked in 2004 at 69.2% and then fell for 12 years until it bottomed out in 2016 at 63.7%, according Census Bureau data. ![]() In fact, most of the increase in the overall homeownership rate from 2016, and nearly all of the increase since 2019, through 2022, was driven by people under 45. Yet homeownership rates of younger people have actually increased. “House poor” and “house broke” are time-honored expressions that have been around for many decades, and for a good reason, because when people are starting out, they go way out on a limb to buy a home, and then cannot afford anything else because the mortgage payments eat up much of their income. It has never been easy for young people, when they start out, to buy a home. This demand, fueled by low interest rates and FOMO, was part of the force behind the price surge. ![]() They’re making good money and got on with their lives. ![]()
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