Homeownership up among young americans

Photo credit: Cyndie

Homeownership has rebounded among buyers under the age of 35, according to the latest figures from the US.

The rate of homeownership for the group rose from 34.8 per cent to 35.8 per cent in the third quarter of 2015, the first rise in that demographic since the second quarter of 2004. The Commerce Department statistics show that this group, however, is the only one to have seen an improvement. Indeed, homeownership in America has steadily declined since its peak of over 69 per cent 10 years ago.

One Urban Institute study predicts that in 15 years, that rate will drop even further to a historic low of 61 per cent.
Bucking the trend, though, are young buyers, who reversed seven quarters of decline.

Markets across the US vary in performance, however, as the country gradually recovers from the recession. The Birmingham Association of Realtors told Alabama News Center that they "continue to see young people and families buying homes"

"Each month we have seen an increase in our inventory and sales here in Birmingham, which is really exciting to see. Young buyers are being attracted to the downtown lifestyle and settling in neighborhoods like Avondale and Crestwood as those communities continue to see growth in commercial developments."