Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. TheUnited States Census Bureaureportedthat it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years.See the graph below:This increase does not come as a surprise. According torealtor.com,
“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”
With so many Millennials entering a homebuying phase of life and getting into the market, theMillennial Reportalso explains,
“Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are saving to buy a home.”
Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making homeownership more desirable and achievable at the same time.Freddie Macexplains,
“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”
The increase in homeownership rate was also represented by race and ethnicity of the householders.HousingWireexplains,
“The homeownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”
See the graph below:
If you’re considering buying a home this year, reach out to a local real estate professional to set a plan that will help you get one step closer to achieving your dream.
The Turn Key Group is an assertive group of Realtors in Grand Junction Colorado. We utilize cutting edge tools and home selling techniques that make us stand out from the rest. We are Real Estate experts and we are ready to guide you through the home buying process. We are committed to fast, professional and courteous service that will help you understand and feel at ease throughout the home buying process. If you are looking for that dream home, you can count on us to help you find it and negotiate an excellent price for you.Tell us what you are looking for and we will search high and low to make your dream a reality! We will work relentlessly for you while keeping honesty and integrity at the forefront. Our trained and certified loan originators specialize in financing homes in the Western Colorado real estate market. We are prepared to find the right loan program with competitive rat es and low down payments for you.
If you currently own property and are thinking of placing it on the market, let us do the work for you! We can provide you with information about preparing your home for sale so you'll get the most money in your pocket. We have tools in place that will make your property stand out and we will price your property right in order to get it sold FAST!
Our dedication and professional service are unparalleled. In today's market, you need a quality professional working for you. We focus on your time and your investment. Contact us now. 970-244-9217
"Bought a Single Family home in 2015 for approximately $250K in Fruita, CO.
When I first approached Cindy about finding a house to buy she really listened to what was important to me. Cindy took a genuine interest in what I had to say and how I felt about the kind of home I was looking forward to calling home. She wasted no time setting me on the right track in find that home. She even led me to a finance officer that made getting a loan a no hassle experience. When looking at the homes that I was considering she made sure she was prepared for any questions I might have about the house. She even went out of her way to find out if there was anything negative things about the house I was thinking about buying. I thought this was an admirable quality because it was my interest at the forefront not hers. Needs to say we did find the home that I am very excited to call home. I want everyone to know that Cindy Guzman cares and works very hard in getting the results that her clients are looking for. She made herself always available to me when I had questions. When it came time to look at the houses that I was interested in she made time to accommodate my schedule. I would highly recommend Cindy Guzman is the one you want to find that place that you would be proud to call home!! "