The U.S. Homeownership Rate Is Growing

<article class="post-415525 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-415525"><span class="entry-date">August 15, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">The U.S. Homeownership Rate Is Growing</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+U.S.+Homeownership+Rate+Is+Growing&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-u-s-homeownership-rate-is-growing%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="The U.S. Homeownership Rate Is Growing | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152918/20220815-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152918/20220815-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152918/20220815-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>The desire to own a home is <a href="https://www.simplifyingthemarket.com/2022/07/05/is-homeownership-still-the-american-dream/?a=712984-fa409495d5d70154d03a25e81e9540e2">still strong</a> today. In fact, according to the <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf"><em>Census</em></a>, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:<span id="more-46993"></span></p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152921/20220815-MEM-Eng-1.png"><img alt="The U.S. Homeownership Rate Is Growing | Simplifying The Market" class="aligncenter wp-image-46995" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152921/20220815-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152921/20220815-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152921/20220815-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<p><strong>That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.</strong></p>
<p>If you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/?a=712984-fa409495d5d70154d03a25e81e9540e2">buying a home</a> this year, here are just a few reasons why so many people see the value of homeownership.</p>
<h4><strong>Why Are More People Becoming Homeowners?</strong></h4>
<p>There are several benefits to owning your home. A significant one, especially when <a href="https://www.simplifyingthemarket.com/2022/07/20/should-you-buy-a-home-with-inflation-this-high/?a=712984-fa409495d5d70154d03a25e81e9540e2">inflation</a> is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the <em>National Association of Realtors </em>(NAR), <a href="https://sponsorcontent.cnn.com/interactive/nar/benefits-of-home-ownership/">explains</a>:</p>
<blockquote>
<p><em>“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. <strong>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</strong>.”</em></p>
</blockquote>
<p>When you <a href="https://www.simplifyingthemarket.com/2022/08/03/buying-a-home-may-make-more-financial-sense-than-renting-one/?a=712984-fa409495d5d70154d03a25e81e9540e2">buy a home</a> 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.</p>
<p>That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also <a href="https://www.simplifyingthemarket.com/2022/07/06/how-your-equity-can-grow-over-time/?a=712984-fa409495d5d70154d03a25e81e9540e2">gain equity</a> over time as your home appreciates in value and you make your monthly mortgage payment.</p>
<p>And with that growing equity, your <a href="https://www.simplifyingthemarket.com/2022/07/13/should-i-buy-a-home-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2">net worth</a> will increase as well. In fact, the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-report-02-23-2022_0.pdf">latest data</a> 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. <strong>That means a homeowner’s net worth is nearly 40 times that of a renter.</strong></p>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152923/20220815-MEM-Eng-2.png"><img alt="The U.S. Homeownership Rate Is Growing | Simplifying The Market" class="aligncenter wp-image-46996" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152923/20220815-MEM-Eng-2.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152923/20220815-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/12152923/20220815-MEM-Eng-2-400×300.png 400w" width="650"/></a></p>
<h3><strong>Bottom Line</strong></h3>
<p>The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.</p>
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