The country’s first home developer


Dennis Norman

I saw an interesting tidbit that came from the US Census Bureau that shows just how much things have changed in the real estate world in the past 60+ years in the U.S.  The piece I saw was from the census bureau’s “Profile America” series and discussed one of the first communities built in our country by a real estate developer back in 1947.  The place was the town of Levittown, on New York’s Long Island and aptly named for the developers, William and Alfred Levitt.

Eventually the town contained more than 17,000 Cape Code and ranch style homes that soldiers returning from World War II snapped up…..apparently there was a housing shortage at the time (oh what I wouldn’t give for another housing shortage :).   Continue reading “The country’s first home developer

Americans take pride in their neighborhoods

Dennis Norman

According to data from the U.S. Census Bureau, Americans, for the most part, are very satisfied with the neighborhoods they live in.  According to the Census Bureau “American Housing Survey”, more than tw0-thirds of people across the country rate the quality of their neighborhood as eight or higher on a 10-point scale.  Just over 15 percent report crime as a problem in their neighborhoods.

Hmm…perhaps if people weren’t so happy with their neighborhoods they would be more inclined to move and give the housing market a much needed boost?


Homeownership Rate in U.S. Hits 10 Year Low

Dennis Norman

According to a report issued by the U.S. Census Bureau earlier this week, the percentage of Americans that own a home in the U.S. in the first quarter of 2010 dropped to 67.1 percent, the lowest rate of homeownership since the same quarter of 2000. The homeownership rate for 4th quarter 2009 was 67.2 percent, the low for 2009.


The Midwest Region has the highest rate of homeownership, as of the 1st quarter of 2010, at 70.9 percent with the South region not far behind at 69.2 percent.  The Northeast homeownership rate was 64.4 percent and the West had the lowest at 61.9 percent.


  • Traditionalists Generation, 65 years and above, 80.6 percent.
    • Highest rate for this group since first quarter 2007
  • Older Boomers, 55 to 64 years, 79.1 percent.
    • Highest rate for this group since third quarter 2009
  • Younger Boomers, 45 to 54 years, 74.8 percent.
    • Highest rate for this group since third quarter 2008
  • Generation X’ers, 35 to44 years, 65.3 percent
    • Lowest rate for this group in over 5 years
  • Generation Y’ers, under 35 years, 38.9 percent.
    • Lowest rate for this group in over 5 years

What is interesting about the age of homeowners is that, while first-time home sales have been propping up the market, partially as a result of the first-time homebuyer tax credit, the younger population’s percentage of homeownership has dropped dramatically.  It seems that the X’ers and Y’ers either don’t value home ownership as much as their parents did, don’t trust a home as an investment, or perhaps cannot afford to buy a house.  If this trend continues I would think it will definitely drag down the homeownership numbers in the future as well.

Homeownership by Race and Ethnicity:

  • Non-Hispanic White – 74.5 percent
  • Black – 45.6 percent
  • Hispanic (of any race) – 48.5 percent
  • All Other Races – 57.2 percent