If you need assistance, please call 321-436-5463

The U.S. Homeownership Rate Is Growing

Monday, August 15, 2022   /   by Harry Bing

The U.S. Homeownership Rate Is Growing

Branded KCM Site 08 15.jpg





The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:


The U.S. Homeownership Rate Is Growing | MyKCM


That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.


If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.


Why Are More People Becoming Homeowners?


There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:



“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”



When you buy a home with a fixed-rate mortgage, you can lock in what's likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.


That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.


And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.


The U.S. Homeownership Rate Is Growing | MyKCM


Bottom Line


The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.



  bing home advisory group, harry bing, your home sold guaranteed, florida real estate, orlando real estate, real estate tips and updates

Your Home Sold Guaranteed
1800 Pembroke Drive, Suite 300
Orlando, FL 32810
321-436-5463

© 2022 My Florida Regional MLS DBA Stellar MLS, Inc.. All rights reserved. The data relating to real estate displayed on this website comes in part from the Internet Data Exchange (IDX) Program of My Florida Regional MLS DBA Stellar MLS, Inc. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers' personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.10/6/2022 1:05 PM CST
This site powered by CINC: www.cincpro.com