More Americans Chose To Own A Home Than Rent In Q1

More Americans Chose To Own A Home Than Rent In Q1

According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

That means that the homeownership rate amongst new households was 70%!

This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.A recent Wall Street Journalarticle pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:

“The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

Ralph McLaughlin, Trulia’s Chief Economist, had this to say about what a bump in new homeowner households could mean for the housing market:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

Bottom Line

As more and more potential first-time buyers realize their ability to buy a home without having to rent first, not only will the homeownership rate benefit, but so will the overall economy.

Selling a home

Here are some reports on systems that we use to help a homeowner get up to 18% more when they sell with us:Get our Maximum Payoff Guide for Sellers as seen on FREEor go to for more information on our selling process and why we sell for more.Curious about what your home is worth goto and find out instantly. This will give you a rough estimate on what your home is worth. For an accurate home value contact me directly for a free home value assessment.

Text Sell to 951-395-8057 and learn more about why you should sell your home with Team Olsewski.

Buying a home

If you are looking to buy a home whether its your 1st or 20th its important to choose the right agent. This decision could cost your thousands of dollars! Go to and see how we can help you!

Text Buy to 951-395-8057 and learn more about why you should buy your home with Team Olsewski.

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Phone: 951-506-5744
Dated: June 7th 2017
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About Tom: Tom Olsewski, Licensed Realtor and Team Leader. Our Team specializes in Southwest Riverside County. ...

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