The national homeownership rate increased to 64.3 percent in the second quarter of 2018, making it the sixth consecutive quarter of annual gains, according to the U.S. Census Bureau.
The share of renters decreased by about 100,000 since the second quarter of 2017, while the share of homeowners grew by 1.77 million. MarketWatch reports that another highlight to this trend is that more younger people are becoming homeowners: 36.5 percent of Americans under age 35 were homeowners in Q2 2018, up 1.2 percent YoY. The 35 to 44 year age range also saw gains, up 1.2 percent YoY to 60 percent.
“Homeownership today is a full percentage point below the 50-year average, and this lag reflects the long-lasting scars from the Great Recession and the lopsided nature of this recovery,” said Sam Khater, chief economist for Freddie Mac. Still, the new data may quell some worries about younger generations missing out on the wealth-building opportunities inherent in homeownership, even as more economists raise concerns about the staying power of the housing market.
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