Buyers Struggle to Compete for Homeownership But Aspirations Remain High
The fierce housing market continues to leave buyers dejected as they face fewer options and higher bids—yet data shows Americans still aspire to become homeowners. One Aurora, Colo. couple continues their house hunt, but they say their savings and pre-approvals from three different banks cannot compete with all-cash offers. The couple told MarketWatch they regularly see homes receiving up to 20 offers. Their story is not unique. According to MarketWatch, the national homeownership rate has not fully recovered since the Great Recession and rates decreased in 47 states from 2009 to 2014.
“After multiple years of declines in the wake of the Great Recession, the homeownership rate has leveled off and even begun to show signs of a small rebound in recent years,” the Census Bureau researchers wrote in report.
The desire to be a homeowner remains strong, housing economists say.
“Except for that cohort of people that were hardest hit through the financial crisis, if you look at both younger and older generations the survey evidence indicates that there is still a very strong aspiration toward homeownership,” said
Impact of the Great Recession
Despite that strong aspiration, the level of homeownership has yet to return to the highs that occurred prior to the Great Recession. As of 2019, the homeownership rate was estimated to be 64.1%, roughly in line with its level over the past three years. It’s an improvement from the recent low of 63% set in 2015, but it’s still well below the record high of 67.3% in 2006.
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