Tuesday, April 12, 2011

Young Homeowners by Region

The 30-to-34 age group is important for the housing market. This is the age group in which the homeownership rate typically rises above the 50 percent threshold, making homeownership the norm. A look at the homeownership rate of households headed by 30-to-34-year-olds by region shows that rates have already fallen below this threshold in two regions. More declines could be in store if growing numbers of young adults find homeownership unaffordable (because of unemployment, students loans, and tougher mortgage requirements) or undesirable (fear of losing their job, fear of being tied down).

Percent of householders aged 30 to 34 who own their home by region in 2004 (the year the overall homeownership rate peaked nationally) and 2010...

2010 2004
U.S. total 51.6 57.4
Northeast 49.7 51.9
Midwest 58.2 65.0
South 53.1 58.8
West 44.6 52.1

Source: Bureau of the Census, Housing Vacancies and Homeownership

No comments: