Feb 8 2018 5018 1

Dated: 02/08/2018

Views: 56

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

A story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

  • 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

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.

Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Jul 13 2018 5018 1

Want to Sell Your House Faster? Don’t Forget to Stage! [INFOGRAPHIC]Some Highlights: The National Association of Realtors surveyed their members & released the findings of their 

Read More

Jul 12 2018 5018 1

House-Buying Power at Near-Historic LevelsWe keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is

Read More

Jul 11 2018 5018 1

Rising Interest Rates Have Not Dampened DemandSince the beginning of the year, mortgage interest rates have risen over a half of a percentage point (from 3.95% to 4.52%), according to 

Read More

Jul 10 2018 5018 1

How Long Do Most Families Live in a House?The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has

Read More