Study: Home ownership on the decline

Analytics group Gavop has found decreases in home ownership across all age groups below 60.

UTICA, N.Y. » Recent data shows that homeownership has decreased between 2009 and 2015. Specifically for Oneida County, there has been a decrease in homeownership across all age groups below 60.

The information was produced by Gavop.com which has analyzed long term housing prices and real estate trends at the county level across the United States. In regards to this study, the numbers come fromthe United States Census Bureau.

In Oneida County, the highest decrease in homeownership was from individuals aged 35-44 where ownership reduced by 28.8 percent. Furthermore, homeownership decreased by 14.6 percent for people 35 andunder and by 2.1 percent for ages 45-59. The was however an increase of 5.1 percent for residents 60 and over.

The information is best represented in the following graph from www.gavop.com/ home---

ownership-by-age/New%20 York/Oneida%20County/Inline image 1

The numbers illus- trate how Oneida County is following the general trend in the United States of a decline home- ownership, especially among young adults. Categorically, Oneida County had a greater decrease in homeownership than state values for ages 35- 44.

“Such a decrease in homeownership shows that Oneida County is experiencing interesting market trends where individuals are not obtaining ownership of their home until later in life. The reduction indicates that adults are ei- ther choosing to not purchase their homes or are having trouble doing so as compared to the past” said gavop.com analyst Kevin Pryor.

The nationwide decline in homeownership is partially linked to the recession where the economic downturn forced young people to move back home in order to save money, therefore adults under 35 are the most impacted age group in the United States. Those impacted the second most are people aged 35- 44 who are in the prime age group to purchase their first home. In contrast, older Americans aged 60 and up have seen a rise in homeownership.

Further research indicates that the drop in homeownership comes with financial costs to those affected by this trend. By renting homes, people miss out on low mortgage rates and are facing an increase in rent. Because of this trend, people who are able to invest in real estate are benefiting from the situation.

For more information, please contact Kevin Pryor at 203-518-2348 or email at kevin@gridlex.com.

Gavop.com is a real estate, housing, and local data analytics service. Team members research data from public sources such as the U. S Census Bureau and private databases to produce insightful studies. Gavop’s data is aimed to serve real estate professionals and organizations so they may gain further insight into market dynamics. Gavop.com is a product of Gridlex, which has a cross functional team of software engineers, data scientists, and analysts.