Updated: Mar 13, 2019
The Washington Post reports on March 8:
A funny thing happened on the way to the United States becoming a nation of renters: people started buying homes again.
New data indicate that in 2016, in defiance of myriad prognostications, the decade-long decline in the homeownership rate abruptly reversed. Once-rapid growth in renter households stalled, and the long-stagnant number of owner-led households began rising."
What’s behind the reversal?
It is now apparent demographic pressure had been building since the housing crisis. Millennials were hitting the age at which previous generations began buying homes, but had put off home-buying due to slow earnings growth, a tepid labor market and soaring student loan debt. ...
In 2016, Millennials finally began to surmount the obstacles that sat between them and homeownership. ... Millennials pack considerable demographic punch. They will soon outnumber baby boomers, if they do not already. And as a rule of thumb, aging, marriage and procreation tend to drive home-purchasing decisions as much as purely economic concerns do.
Read the entire article HERE.