Homeownership The Reports Of My Death Have Been Greatly Exaggerated

Dated: February 8 2018

Views: 141

Homeownership: “The Reports of My Death Have Been Greatly Exaggerated”

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

The famous quote by Mark Twain in the title of this article can be used to describe homeownership in America today. Last week, the Census revealed that the percentage of homeowners in the country increased for the first time in thirteen years.

Homeownership: "The Reports of My Death Have Been Greatly Exaggerated" | MyKCM

A story in the Wall Street Journal gave these new homeownership numbers some context:

“The annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. This time, what’s driving the market is a shift in favor of owning rather than renting.

‘This is market, market and market…There’s no government incentive program in sight that is having this effect,’ said Susan Wachter, a professor of real estate and finance at the Wharton School at the University of Pennsylvania, ‘This is back to basics.’”

In a separate report comparing the rental population in America to the homeowner population, RentCaféalso concluded that the gap is now shrinking.

“Undoubtedly, the recession had a great impact on homeownership…However, it looks like it takes more to discourage Americans from buying a house than that.

As the years go by, it seems more and more certain that the fact that renting has seen a sudden gain in popularity is more a reaction to the economic crisis than a paradigm shift in the Americans’ attitude toward housing.”

America’s belief in homeownership was also evidenced in a recent survey by Pew Research. They asked consumers “How important is homeownership to achieving the American Dream?”

The results:

  • 43% said homeownership was essential to the American Dream

  • 48% said homeownership was important to the American Dream

  • Only 9% said it was not important

Bottom Line

Homeownership has been, is and will always be a crucial element of the American Dream.

*Pictured Above – Mark Twain’s home in Hartford, Connecticut.
Blog author image

Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

Latest Blog Posts

Dont Let Buyer Competition Keep You From Purchasing A Home 11232020

Don’t Let Buyer Competition Keep You from Purchasing a HomeThis year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on

Read More

Dont Let Buyer Competition Keep You From Purchasing A Home

Don’t Let Buyer Competition Keep You from Purchasing a HomeThis year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on

Read More

It Pays To Sell With A Real Estate Agent INFOGRAPHIC 11202020

It Pays to Sell with a Real Estate Agent [INFOGRAPHIC]Some Highlights Today, it’s more important than ever to have an expert you trust to guide you as you sell your house. From your safety

Read More

It Pays To Sell With A Real Estate Agent INFOGRAPHIC

It Pays to Sell with a Real Estate Agent [INFOGRAPHIC]Some Highlights Today, it’s more important than ever to have an expert you trust to guide you as you sell your house. From your safety

Read More