More and More People are Becoming Homeowners
The number of people who own their homes is on the rise, and that's good news for the economy. According to the National Association of Realtors, the homeownership rate rose to 64.2% in the fourth quarter of 2020, which is up from 63.9% in the third quarter. This is the highest level since 2014, and it's a trend that's likely to continue in 2021.
There are a number of factors that are driving this trend. First, there's the low interest rate environment we're currently in. Mortgage rates are at historic lows, which makes it more affordable for people to buy a home. Additionally, there's been an increase in job security thanks to the strong economy, which has also contributed to the rise in homeownership. And finally, there's been a shift in preference towards wanting to own a home rather than rent one.
All of these factors are coming together to create a perfect storm for homeownership. If you're thinking about buying a home this year, now is a great time to do it. Prices are still relatively low and interest rates are at an all-time low. It's a buyer's market, so if you're thinking about making the leap into homeownership, there's no time like the present.
The rising number of homeowners in the United States is good news for anyone thinking of buying or selling a home. With more buyers in the market, now is a great time to put your house on the market. If you're thinking of buying a home, there are also more options available now than there were last year. Either way, it's a good time to be involved in the real estate market!