Despite the economic uncertainty during the COVID-19 pandemic, Americans fueled a remarkable milestone within the real estate market.
Homeownership moved significantly in the second quarter, driving the rate to its highest level since 2008.
The U.S. Census Bureau recorded a 65.3 percent homeownership rate, up from 64.1 percent in the earlier parts of 2020.
Back in 2009, homeownership topped out at nearly 70 percent before it steadily declined through 2016 to around 63 percent.
Homeownership among Americans over the age 65 reached more than 80 percent, up by more than two points earlier this year.
Heads of household under the ages of 35 held a 40.6 percent rate of homeownership. For those between the age of 35 and 44, the rate stood at 59.4 percent.
Those between the ages of 55 and 64 saw their rate increase to 74.8 percent.
Vacancy rates also fell during the second quarter along with rental rates.
If you’re thinking about joining the ranks of homeownership, our loan professionals are here to help and are ready to tell you about an array of loan products to get the job done.
Families entering the market for the first time can benefit greatly from an FHA loan, which is backed by the Federal Housing Agency.
These loans are available for single-family and multifamily homes.
They’re ideal for first-time homebuyers or individuals unsure if they can qualify. That’s because they are issued with more lenient terms and require a modest down payment.
We also work with veterans through the VA loan program, which grants servicemembers a federally guaranteed loan that requires no down payment.
This is the perfect solution for veterans and their families to buy a home with a ton of support to back them up.
In addition, we are also proud to offer conventional mortgage programs, which allow our buyers to hold a mortgage without having to pay mortgage insurance.
If you’re ready to enter the real estate market, we are here for you and will not stop until you find the right loan product that fits your needs and meets your financial situation and goals.
Please reach out to us today to learn more about our products and services – a loan specialist is ready to take your call.