Homeownership The Reports Of My Death Have Been Greatly Exaggerated

Dated: 02/08/2018

Views: 54

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

A story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCafé also concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

  • 43% said homeownership was essential to the American Dream

  • 48% said homeownership was important to the American Dream

  • Only 9% said it was not important

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.

*Pictured Above – Mark Twain’s home in Hartford, Connecticut.

Latest Blog Posts

Home Value Appreciation Stops Falling Begins To Stabilize

Home Value Appreciation Stops Falling, Begins to StabilizeThe percentage of home price appreciation on a year-over-year basis has decreased each month for over a year. The question was how far

Read More

Thinking Of Selling Your House This Is The Perfect Time

Thinking of Selling Your House? This is a Perfect Time!It is common knowledge that a great number of homes sell during the spring buying season. For that reason, many homeowners hold off 

Read More

Do You Know How Much Your Home Has Increased In Value

Do You Know How Much Your Home Has Increased in Value?Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their

Read More

3 Things You Need In A Shifting Real Estate Market

3 Things You Need in a Shifting Real Estate MarketWhether you are thinking of selling your house or buying a home, today’s real estate headlines can be confusing – perhaps even concerning. What

Read More