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Homeownership down slightly but not for Millennials

by Miami Agent

By Zayd Muhammad

Although the homeownership rate dropped slightly for Americans in the third quarter of 2020, people under 35 had a 2.7 percentage point increase to 40.2%, according to the National Association of Realtors.

First-time buyers contributed to 31% of September’s home sales due to record-low mortgage rates, according to the report. Homeownership increased by more than three points to 63.9% for buyers aged 35 to 44. Ages 45 to 54 have a homeownership rate of 72%, 55 to 64 at 76.4% and people over 65 years old at 80.7%.

Homeownership rates in the third quarter saw an annual increase for all four regions. According to the article, the Midwest and South lead the regions at 71.2% and 70.8% while the Northeast and West are both at 62%.

Census data shows that there is a concerning racial gap in homeownership. The homeownership rate for non-Hispanic whites was 75.8%, while the rate for Black people was 46.4%, 61% for Asians, native Hawaiian and Pacific Islanders and 50.9% for Hispanics.

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