Home Ownership By People Over 65 Years Old On The Rise

Home ownership rates have been on the decline and, in fact, reached a 19 year low the first quarto of this year when the home ownership rate in the U.S. fell to  64.8%.  However, for people 65 years and older, the rate of home ownership has been on the rise.  As the chart below shows, while the rate of home ownership declined for the U.S. overall, the rate for those persons aged 65 and over has continued to rise.  

Home Ownership Rate for 65 plus year olds Chart

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Seventy-Five Percent of Americans Associate Owning a home with the American Dream

A survey conducted by Prudential Real Estate revealed that 75 percent of Americans associate owning a home with the “American Dream and 96 percent feel home ownership is important and 77 percent of the 25-34 year olds feel home ownership is VERY important.  The top reasons given for wanting to own a home include to control their living space, safety and for the investment aspect of it.  Interestingly, tax benefits, such as the mortgage interest deduction that REALTORS® have fought to preserve for years, finished a distant 6th on the list of reasons.

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A Look at the Change in Home Ownership by Race from 2000 to 2011

dennis-norman-realtorThe American Dream” is a phrase we often apply to home ownership although the historian that made this expression popular, James Truslow Adams, defined it differently in his 1931 book Epic of America. According to Wikipedia, in his book Adams defined “The American Dream” as a better and richer life for every man through social order and not material possessions. Regardless of it’s original definition, home ownership became a part of the American dream in the 20th century. In spite of the fact that we are on the tail-end of a five-year housing slump, the “American Dream” appears to be hanging on as, according to 2011 Census Data, 66.1 percent of Americans own a home and, while this is no doubt a fairly significant decline from the peak of home ownership around the middle part of the decade, it is down only slightly from 2000 when 66.2 percent owned a home. Continue reading “A Look at the Change in Home Ownership by Race from 2000 to 2011

Home ownership is still an intergral part of the American Dream

Nearly nine out of 10 homeowners say they would buy their homes again.

Dennis Norman St LouisDespite the financial blood-shed the real estate market downturn has caused many homeowners, Americans still have a deep-rooted attachment to home ownership according to the Allstate-National Journal Heartland Monitor Poll. The poll, funded by Allstate Corporation revealed that nearly nine out of 10 homeowners surveyed said they would buy their homes again. The amazing thing is that this percentage held true even for those homeowners who said their homes had lost value since they purchased it. Seven out of 10 Americans say they would advise a friend or family member to buy a home as a long-term purchase. Continue reading “Home ownership is still an intergral part of the American Dream