The Ache For Home Lives In All Of Us

The Ache For Home Lives In All Of Us

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“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.” 

Maya Angelou


 The Census revealed that the percentage of homeowners in America has been steadily climbing back up since hitting a 50-year low in 2016. The homeownership rate in the first quarter of 2018 was 64.2%, higher than last year’s 63.6%.

Homeownership: "A Man Is Not a Complete Man, Unless He Owns a House" | MyKCM

Chief Economist, Dr. Ralph McLaughlin, in his VUE Blog gave these new homeownership numbers some context:

“The trend is clear: the homeownership rate has been ticking up for five consecutive quarters, and the number of new renter households has fallen for four consecutive quarters. Owner-occupied households grew by 1.345 million from a year ago, while the number of renters actually fell by 286,000 households.

The fact that we now have four consecutive quarters where owner households increased while renter households fell is a strong sign households are making a switch from renting to buying. This is a trend that multifamily builders, investors, and landlords should take note of.”

In a separate article comparing the rental population in America to the homeowner population, Realtor.com also concluded that the gap is now shrinking:

“The U.S. added 1.3 million owner households over the last year and lost 286,000 renter households, the fourth consecutive quarter in which the number of renter households declined from the same quarter a year earlier. That could pose challenges for apartment landlords, who are bracing this year for one of the largest infusions of new rental supply in three decades.”

America’s belief in homeownership was also evidenced in a survey conducted by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

  • 43% said homeownership was essential to the American Dream

  • 48% said homeownership was important to the American Dream

  • Only 9% said it was not important

Bottom Line

Homeownership has been, is, and always will be a crucial part of the American Dream.


Andrea Semanko Headshot
Author:
Phone: 360-840-9309
Dated: May 14th 2018
Views: 64
About Andrea: As a northwest native, I have a great understanding of Skagit, Island and Snohomish Counties as to t...

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Semanko Realty Group, LLC & Washington Quality Homes
3409 Shelly Hill Rd
Mount Vernon, Bellingham, Puyallup, WA
360-339-4996
360-424-1237

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