In the Midwest region of the U.S., the homeownership rate rose to 68.3% during the 2nd quarter of this year from 67.9% in the first quarter, according to a report just released by the U.S. Census Bureau. The homeownership rate of 68.3% in the Midwest region is higher than the homeownership rate for the U.S. as a whole, which came in at 64.3% during the 2nd quarter, and is the highest of any region. The South region has the 2nd highest homeownership rate at 65.9% and the West region the lowest at 59.7%, according to the report.
So much for “millennials don’t want to own homes“…
In many real estate circles over the past couple of years, there has been much debate over whether millennials have any interest in homeownership or not. Probably more than half the time the consensus is this generation is not nearly as interested in, or focused on, homeownership as their baby boomer parents. However, in the homeownership report for the 2nd quarter, the age group that had the largest increase in home ownership was the “under 35 years old” group. Granted, this group has the lowest homeownership rate of the age groups in the report but increased to 36.5% from 35.3% in the prior quarter. The homeownership rate for the older groups, 55-64 years and 65 years and above, both declined during the 2nd quarter to 75.1% from 75.4% and to 78.0% from 78.5%, both respectively.
Homeownership Rate – 1995-2018 – Chart
