Why Is It so Important to Be Pre-Approved in the Homebuying Process?You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When
Homeownership A Man Is Not A Complete Man Unless He Owns A House
Homeownership: “A Man Is Not a Complete Man, Unless He Owns a House”
The famous quote by Walt Whitman, “A man is not a whole and complete man, unless he owns a house and the ground it stands on,” can be used to describe homeownership in America today. The Census revealed that the percentage of homeowners in America has been steadily climbing back up since hitting a 50-year low in 2016. The homeownership rate in the first quarter of 2018 was 64.2%, higher than last year’s 63.6%.
Chief Economist, Dr. Ralph McLaughlin, in his VUE Blog gave these new homeownership numbers some context:
“The trend is clear: the homeownership rate has been ticking up for five consecutive quarters, and the number of new renter households has fallen for four consecutive quarters. Owner-occupied households grew by 1.345 million from a year ago, while the number of renters actually fell by 286,000 households.
The fact that we now have four consecutive quarters where owner households increased while renter households fell is a strong sign households are making a switch from renting to buying. This is a trend that multifamily builders, investors, and landlords should take note of.”
In a separate article comparing the rental population in America to the homeowner population, Realtor.com also concluded that the gap is now shrinking:
“The U.S. added 1.3 million owner households over the last year and lost 286,000 renter households, the fourth consecutive quarter in which the number of renter households declined from the same quarter a year earlier. That could pose challenges for apartment landlords, who are bracing this year for one of the largest infusions of new rental supply in three decades.”
America’s belief in homeownership was also evidenced in a survey conducted by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”
43% said homeownership was essential to the American Dream
48% said homeownership was important to the American Dream
Only 9% said it was not important
Homeownership has been, is, and always will be a crucial part of the American Dream.
Real Estate Broker offering over 17 years of experience in the industry specializing in Commercial and Residential Real Estate in South Florida . Solid business background with experience in accountin....
Latest Blog Posts
New Index Reveals Impact of COVID-19 on Real EstateEarlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the
Impact of the Coronavirus on the U.S. Housing MarketThe Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen.