The rate of homeownership slipped in the final quarter of 2020. Nevertheless, it stood higher than the same period a year ago as the real estate market defies expectations once again.
According to the U.S. Census Bureau, the homeownership rate is still below housing boom levels of 2004 and 2005, but stood at 65.8%. At its worse during the Great Recession, the rate had dropped to 62.9%.
Demographically, individuals 65 years or older held the most impressive rate of over 80%. On the other side of the spectrum, those under the age of 35 possess a 38.5% homeownership rate. All groups saw an uptick to their respective homeownership rate when compare to a year ago, illustrating the resiliency of the real estate market during a pandemic.
The number of housing units also increased by more than a million. Rental units fell by the hundreds of thousands while owner-occupied units expanded by more than two million.
If you reside in the beautiful Tacoma, Washington, area and are thinking about buying a home, please do not hesitate to contact us to learn more about available lending options.
The pandemic has certainly made it difficult on a lot of people. Fortunately, homeownership grows with persistence. More and more, consumers see the importance and financial prudence of homeownership. Home affordability is also expanding thanks to today’s historically low rates.
These conditions have increased demand but still leave room for every homebuyer of all budgets. If you’re determined to become a homeowner and are ready to take the next steps, please reach out to learn more about lending programs that can get you into the home of your dreams.