Wednesday, February 20, 2013

Homeownership among Young Adults by Region

Young adults are struggling to find stable jobs in a recovering economy. Underemployed and burdened by student loans, many are delaying marriage and children. The plummeting homeownership rate of 30-to-34-year-olds (the traditional age of first-time home buying) is evidence of the turmoil in their lives.

Nationally, only 47.9 percent of 30-to-34-year-olds owned a home in 2012, down from the 57.4 percent majority in 2004 (the year the nation's homeownership rate peaked). Here are the homeownership rates for this age group by region in 2012, and the percentage point change in their homeownership rate since 2004...

Northeast: 44.2% (-7.7 percentage points)
Midwest: 55.4% (-9.6 percentage points)
South: 49.5% (-9.3 percentage points)
West: 40.8% (-11.3 percentage points)

Only in the Midwest is the homeownership rate of 30-to-34-year-olds still above 50 percent.

Source: Census Bureau, Housing Vacancies and Homeownership

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