{"id":32647,"date":"2015-04-29T07:18:42","date_gmt":"2015-04-29T14:18:42","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=32647"},"modified":"2020-10-06T17:08:33","modified_gmt":"2020-10-07T00:08:33","slug":"homeownership-rates-are-falling","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homeownership-rates-are-falling\/","title":{"rendered":"This Millennial Still Won\u2019t Buy a House, and Homeownership Rates are Falling"},"content":{"rendered":"

\"The<\/a>
The rate of homeownership in the U.S. has been falling since 2005.<\/figcaption><\/figure>
\nHomeownership in the first quarter of the year fell to its lowest level since 1989, to 63.8 percent, the Census Bureau reported<\/a>. The last time the ownership rate was this low, gas cost less than $1 a gallon, Paula Abdul was topping the charts and mortgage interest rates were above 10 percent.
\nPeople born in 1989 are in their mid-20s today, at or near home-buying age, but so far they\u2019re not stepping into the market in large numbers. It\u2019s easy to understand why. Mortgage costs are hovering near historic lows, but wage growth is low, too, and property values have skyrocketed. Last month, wages rose 2.3 percent from a year earlier, while home prices<\/a> advanced 5.7 percent, according to a Redfin analysis of 50 U.S. markets. Add student debt and tight credit into the mix and millennials are squeezed.
\nThere\u2019s more than economics at play. Young adults are delaying big life decisions, including marriage<\/a> and homeownership. They want to remain nimble in a still-iffy job market, ready to move quickly if the need or opportunity arises. And many are still scarred by what they witnessed as they entered adulthood \u2014 a financial collapse that stuck their parents with homes they couldn\u2019t sell or mortgages they couldn\u2019t pay. The homeownership rate peaked in the first quarter of 2005, at 69.1 percent, and has fallen every year since.
\nThings are getting better. Home price appreciation has slowed, the job market<\/a> is gaining steam, and surveys show that a majority of adults still aspire to be homeowners. It\u2019s just taking longer for them to get there than it took their parents.
\nOh, and that millennial we mentioned in the headline? Her name is Sara Stevens<\/a>, she\u2019s 28, and in many ways she epitomizes her generation\u2019s take on ownership. Her dad, David Stevens, was one of the nation\u2019s top housing regulators in 2008, giving Sara a front-row seat to the pain and drama of the housing meltdown. She\u2019s well educated, has a good job in public policy and is planning her wedding. But after months of thinking about it, she and her fiance signed a lease on a new apartment in February instead of making a down payment on a house.
\n\u201cOur lives have changed and are changing so rapidly,\u201d Sara said. \u201cBeyond the simple truth that we don\u2019t have time to buy, the reality is that we haven\u2019t decided what the next few years hold for us.\u201d
\nHer dad, who now runs the Mortgage Bankers Association<\/a>, is eager to see his daughter settled and is a little worried she\u2019s taking too long to get into a market where prices keep rising. But Sara’s reasoning is thoughtful and well-informed.
\n\u201cBuying is a long-term commitment. We want to do it when we know we can not only afford it, but when it will be something we can stay in long enough to build equity and a life in,\u201d she said. \u201cThat\u2019s just not the case for us quite yet \u2014 but someday.\u201d<\/p>\n

Other popular posts:<\/span><\/strong><\/p>\n

1.\u00a0Fulfilling the American Dream: A Guide for Disabled Homebuyers<\/a><\/span><\/span><\/p>\n

2.\u00a0The Single Parent’s Guide to Buying a Home: Assistance, Grants, and Home Ownership<\/a><\/span><\/span><\/p>\n

3.\u00a0The Walkability Activist’s Toolkit<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Homeownership fell to its lowest level since 1989, to 63.8 percent. The last time it was this low, gas cost less than $1 a gallon, Paula Abdul was topping the charts and mortgage interest rates were above 10 percent. Millennials like Sara Stevens, 28, might be one reason the rate is so low.<\/p>\n","protected":false},"author":13355,"featured_media":32648,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[70,32,59,74,19],"coauthors":[79,198,206,163],"class_list":["post-32647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-home-buyer-tips","tag-housing-market-tracker","tag-market-launch","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nHomeownership Rates are Falling - via @Redfin<\/title>\n<meta name=\"description\" content=\"Homeownership fell to its lowest level since 1989, to 63.8 percent. 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