We have seen our fair share of challenges in all areas of life this year. Despite all of the negative turns, the homeownership rate is still rising telling us the housing market is strong and that many Americans still feel confident about purchasing a home.
Recently the United States Census Bureau stated that the current homeownership rate is 67.9 percent which is 3.8 points higher than the ownership rates from the second quarter of last year at 64.1 percent. The rates are 2.6 percent higher than they were just last quarter at 65.3 percent.
There are several reasons why more and more Americans are purchasing and owning their own homes thus raising the homeownership rates. One of the key reasons is the lowest mortgage rates we have seen in history. The low-interest rates on loans are making homeownership more affordable and opening up more opportunities to a larger number of buyers.
Another reason more people are making the leap into homeownership is the amount of time they have been spending in their homes. All of that time at home has had them thinking about what would make spending more time at home easier and more comfortable and it has led to hours of online searching for larger spaces with more separate rooms and bigger private yards. Most of the buyers looking for larger homes are of a younger demographic currently renting small urban apartments. Deputy Chief Economist of First American Bank says these buyers are driving the homeownership rate to grow. He also says this is the highest rate of homeownership since 2008.
This is great news for the real estate market all across the country and especially for all of those Americans who have recently made the leap to own their own home.
If you are hoping to become a new homeowner this year it is a great time to talk to an experienced real estate agent that has extensive knowledge about the current market conditions in your area. You can talk with them about what you hope to have in a new home and what exact neighborhood you hope to live in. This can be a launching point in the discussion about what your budget is and what you could hope to find that best matches your must-have and wish lists.
If you are hoping to join the many new homeowners in Indy or a surrounding neighborhood please contact us right away. We would love to help you find a great new home in Indianapolis.
Are you looking to buy a home in Indianapolis or surrounding areas? Contact us anytime to find that perfect next home.