The U.S. Homeownership Rate Is Growing

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 The desire to own a home is still strong today states Michael Eastwood - Published Author/Chief Executive Officer of Bello Sol Inc-West USA Realty of Prescott. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:

The U.S. Homeownership Rate Is Growing | Keeping Current Matters

That data shows more than half of the U.S. population lives in a home they own, and the percentage is growing with time.

If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.

Why Are More People Becoming Homeowners?

There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”

When you buy a home with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.

That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.

And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000.  That means a homeowner’s net worth is nearly 40 times that of a renter.

The U.S. Homeownership Rate Is Growing | Keeping Current Matters

Bottom Line

The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, contact a local real estate professional to begin the homebuying process today.

To learn more about the Prescott, Arizona real estate market contact Michael Eastwood CEO of West USA Realty of Prescott at 928-636-1500 or visit us at www.westusaofprescott.com Mike will introduce you to one of his professional real estate agents. If you like to search on your own our website has an IBX program to search for homes or stop by and visit us at West USA Realty of Prescott 231 N Marina St Prescott. AZ 86301. (Independently owned and operated)   #Prescottrealestate #Prescotthomes #Prescottland #Prescottvalleyrealestate #Prescottvalleyhomes #Prescottvalleyland #Chinovalleyrealestate #Chinovalleyhomes #Chinovalleyland #Arizonarealestate #Arizonahomes #realestate #homes #prescott #chinovalley #Prescottvalley #buyers

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