The rate of homeownership in the United States reached a seven-year peak in the first quarter of 2020, according to the Census Bureau.
At a rate of 65.3 percent, the number of families and individuals owning homes has not been at this level since 2013.
The rate of homeownership has continued to increase, too. The latest data set of homeownership rate is more than one percent higher than it was at the same time one year ago, according to the data.
More great news: homeownership rates are trending upward for all age groups.
At top, individuals 65 years or older enjoyed a 0.2-point increase for a 78.7 percent rate. Homeowners under the age of 35 saw a nearly two-point gain in their rate, which stands at nearly 40 percent. For those between the ages of 35-44, the rate was 61.5 percent and the next group, ages 55-64, is at a 76.3 percent homeownership rate.
Low interest rates are one of the many reasons why so many are realizing their dreams of owning a home of their own.
As a first-time homeowner, you can take advantage of today’s low rates and specialty loan programs, such as the FHA loan. For current and retired military servicemembers, the VA loan provides a direct path to homeownership as well.
Backed by the Federal Housing Administration, FHA loans are ideal for first-time homebuyers. They are particularly popular because they leave room for financial flexibility. Applicants do not need to have a high credit score or high down payment.
Flexible lenient borrowing terms are also enjoyed by those seeking a mortgage program through a VA loan.
If you’re ready to join the upward homeownership trend, please do not hesitate to reach out to us today to learn more about your place in today’s growing market.