SRG I Sustainable Realty Group

(619) 363-3938
FacebookTwitterGoogle+YelpLinkedin
Sustainable Realty GroupSustainable Realty Group
Sustainable Realty Group
Real Estate Brokerage and Investments
  • About
    • About SRG
    • Meet the Broker
  • Properties
    • Coming Soon
    • Featured Properties
    • Homes for Sale
    • Homes Map Search
    • Advanced Search
  • Consult
    • Buyer Consultation Form
    • Seller Consultation Form
    • Comparative Market Analysis Form
  • Communities
  • Renovate
  • Resources
    • Blog
  • Contact Us
Menu back  
 

Millennials Homeownership Rates on the Rise

August 5, 2017Leave a commentUncategorizedBy Erin O'Connor
Millennials sitting on a couch

Millennials Homeownership Rate Increases

Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.

This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials.

Millennials are the most educated generation in the U.S.

Why does that matter? First American explains:

“Our model shows that, all other factors being equal, the likelihood of homeownership increases by 3 percent for those that earn a bachelor’s degree over those with a high school degree. The likelihood of homeownership jumps another 3 percent for those that earn a graduate degree.”

The more educated, the better the likelihood for homeownership. And, as we mentioned: Millennials are the most educated generation in the U.S.

Homes & marriage go together

Marriage is a key determinate in homeownership. According to an analysis by First American, the homeownership rate is 30% higher among married couples compared to non-married households.

Millennials have put off marriage in the pursuit of higher education. As this group ages, more and more will marry and purchase a home.

Parents buy houses

According to the study:

“The homeownership rate is 1.7% higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.”

The report goes on to say that as Millennials grow older there may be an increase in not just marriage but also in married couples with children. That will probably also create a “corresponding” increase in homeownership demand.

Wages and the economy

The study goes on to explain that recent gains in income growth and a strengthening economy will also help all generations (including Millennials) be more willing and able to purchase a new home.

Bottom Line

We guess the time has come to announce – Here come the Millennials

 

BrokerReal Estate Agentsan diego
About the author

Erin O'Connor

Erin O'Connor has over 15 years experience in real estate, lending and investing. He is a currently is the managing broker Sustainable Realty Group (SRG). SRG is a boutique brokerage and investment firm for residential real estate throughout San Diego County.

Related posts
Top things to do when selling your home.
January 21, 2021
Desert Oasis
Sellers: Your Home is an Oasis in an Inventory Desert
August 16, 2017
Homeowner separate Big goldfish and little goldfish
Homeowner’s Net Worth Is Still Greater Than a Renter’s
August 14, 2017
Housing Inventory Hits 30 year Low
August 9, 2017
20 Tips for Preparing Your House for Sale
August 5, 2017
sustainable Realty Group logo
Home Buying Myths Slayed
July 14, 2017
Leave Comment

Cancel reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

clear formSubmit

Copyright 2019 Sustainable Realty Group CalBRE# 01857244
11696 Sorrento Valley Rd – Ste 201
San Diego, CA 92121
  • About
    • About SRG
    • Meet the Broker
  • Properties
    • Coming Soon
    • Featured Properties
    • Homes for Sale
    • Homes Map Search
    • Advanced Search
  • Consult
    • Buyer Consultation Form
    • Seller Consultation Form
    • Comparative Market Analysis Form
  • Communities
  • Renovate & Sell
  • Resources
    • Blog
  • Contact Us
  • Privacy Policy
footer menu