A survey by TD Bank indicates that 84 percent of people 18 to 34 years old intend to buy homes in the future. This runs counter to thinking that has been expressed by some, indicating that renting would become more popular in the future. Much of the "home ownership is dead or dying” comes from short sighted trend analysis in which home ownership data begins with the start of the housing bubble in the late 1990s. The latest data from the Bureau of the Census indicates that the home ownership rate in the first quarter was 65.4 percent, the lowest rate since 1997. In fact, however, before the housing bubble, homeownership hovered generally at 65 percent or below, after having increased strongly from 44 percent in 1940 to 61 percent in 1960. The increase in homeownership during the bubble was the result of profligate lending policies that were not sustainable. The decline from the artificially high housing bubble peak in no way diminishes the successful expansion of homeownership in the nation during the decades that reason prevailed in home lending.
April 24, 2024 Last Update: 04/24/2024
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The increase in
The increase in homeownership during the bubble was the result of profligate lending policies that were not sustainable. The decline from the artificially high housing bubble peak in no way diminishes.
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As the real estates prices
As the real estates prices are going higher and higher every one wants to own a house. In the coming years it is going to be very difficult to purchase a house because there is only a chances of increasing prices and people started booking today itself.
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Thank you very much for that
Thank you very much for that extraordinarily first class editorial!
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Mike& Morley study Confirms This -What would Chris Nelson say?
One more ... as I am collecting these studies for all age groups ... From Mike and Morley the Millenium Researchers, who found that most Millenials describe the suburbs as their idea place to live.
How would Chris Nelson respond to this study?
http://mikeandmorley.com/wordpress/?p=48
Quoting - "And, contrary to the usual claims of “new urbanists” (themselves largely members of the older X and Boomer Generations) most Millennials want to live in the suburbs where the current housing crisis is most acute. According to a study by Frank N. Magid Associates, 43 percent of Millennials describe suburbs as their “ideal place to live,” compared to just 31 percent of older generations, most of whom still yearn for the smaller towns and rural settings of an earlier America."
Trulia Study
In 2011, Trulia data also confirms this -
http://info.trulia.com/index.php?s=32055&item=106134
Peter Howley, Arthur Nelson
This is consistent with other studies. Dr. Peter Howley of Dublin, Ireland found that many apartment owners in downtown areas, wanted to move to single family, presumably detatched housing products, in the suburbs.
Dr. Chris Nelson recently wrote a controversial article for the Urban Land Institute. I have not read it, but to my understanding he claims that Generations X and Y want walkable communities with mass transit. This is not technically possible due to the limited distribution of light rail lines.
However, a walkable or bikable community can still have a residential density of 4 homes per acre (quarter acre lots). Look at downtown Bellevue, Washington. It is very walkable and bikable, with large lot suburbs surrounding the downtown area.
Mobility and home ownership are not congruent.
Unless you have a company paying the transfer costs the roughly 10% private transfer tax on real estate argues against buying. It seems that many do see themselves moving as much as statistics indicate. In an environment of stable prices that 10% hit begins to cost a good bit.