Omaha Real Estate

More Americans Chose to Own a Home Than Rent in Q1

More Americans Chose to Own a Home Than Rent in Q1

More Americans Chose to Own a Home Than Rent in Q1 | MyKCM

According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.

Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

That means that the homeownership rate amongst new households was 70%!

This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.

A recent Wall Street Journal article pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:

“The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

Ralph McLaughlin, Trulia’s Chief Economist, had this to say about what a bump in new homeowner households could mean for the housing market:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

Bottom Line

As more and more potential first-time buyers realize their ability to buy an Omaha home without having to rent first, not only will the homeownership rate benefit, but so will the overall economy.

 

More Americans Chose to Own a Home Than Rent in Q1
share
More Americans Chose to Own a Home Than Rent in Q1 According to the latest report from the US Census Bureau more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006… more
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
share
5 Reasons to Hire a Real Estate Professional When Buying or Selling! Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced Omaha real estate professional to guide you on the path to… more
NEW LISTING! Split Entry Home for Sale in Harrison Park
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. This home is everything you have been hoping would hit the market. The fabulous huge eat-in kitchen will knock your socks off with its dark wood cabinets, stainless steel… more
Gallup: Real Estate is Best Long-Term Investment 4 Years Running
share
Gallup: Real Estate is Best Long-Term Investment 4 Years Running Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold,… more
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!
share
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early! If you are considering moving up to your dream Omaha home it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home… more
NEW LISTING! Omaha Home for Sale in Camden Grove
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. You won’t believe the beauty of this two-story home in Camden Grove. Gorgeous wood floors will greet you in the living room with plenty of light coming in from the large… more
Financial Planning: 4 Reasons to Buy a House Today
share
Financial Planning: 4 Reasons to Buy a House Today Homeownership will always be a part of the American Dream. There are advantages to owning your own Omaha home ( educational health social ) that far transcend any economic impact. However,… more
Get All the Facts about PMI
share
Get All the Facts about PMI When it comes to buying an Omaha home whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a… more
Real Estate Mogul: Here’s Why You Should Buy
share
Real Estate Mogul: Here’s Why You Should Buy Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC was recently asked the question, should you buy? Or should you rent a house? Conlon responded: “I am a true believer that you save… more
Measuring Your Ability to Achieve the American Dream
share
Measuring Your Ability to Achieve the American Dream Forbes. com recently released the results of their new American Dream Index in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream… more