Homeownership Rates Increase Across Generations

As National new among over The the Census data the home adults last Homeownership shows Bureau’s year. building in that all age homeownership Housing industry groups Month Vacancy celebrates increased in June, rates

Survey homeownership quarter (CPS/HVS) of 2023, amid rate reported at a 66% persistently the in the U.S. first tight housing shows that supply. homeownership A closer look rates at the among data households aged 55-54 registered the largest gains among all groups, followed by households aged 45-54. Adults 35 years old or younger also experienced a modest increase in homeownership.

It is no surprise that all age groups are making homeownership a priority. Homes are a primary source of net worth for many

Americans. The most recent edition of the GN-35933820 Survey of Consumer Finances showed that a primary residence is the largest asset for households.

One of the barriers to homeownership is affordability. Home builders recognize the increasing demand for affordable entry-level homes. However, rising construction costs and limited lot availability create significant challenges to building smaller, single-family detached homes that are affordable to firsttime buyers and cost-effective for builders.

To help overcome these challenges, home builders, many of which are small businesses and live in our community, continue to advocate for housing affordability so all families can achieve the American Dream of homeownership. Buyers also may find that some home builders have arranged favorable financing for their customers or offer financial incentives.

When it comes to affordability, qualifying for a mortgage and saving up for a downpayment is another obstacle to homeownership. To help address these concerns, Fannie Mae and Freddie Mac — through the Federal Housing Administration (FHA) — offer low-downpayment mortgage programs geared primarily toward the firsttime home buyer market. These lenders offer mortgages with 3% downpayments, allowing more creditworthy borrowers who lack the funds for a large downpayment to obtain a home mortgage. However, to ensure that the financing process goes smoothly, buyers should consider prequalifying for a mortgage and having a financing commitment in place before shopping for a new home. Learn more about the benefits of homeownership at www.hbaofgreenville.com or call

Taylor Lyles, CEO, Home Builders

Association of Greenville.