The number of families owning homes has reached its highest level in nearly seven years, according to the Census Bureau.
The U.S. Census Bureau reports that the 65.3 percent in homeownership rate matches numbers from the first quarter of 2013. Today’s rate is also a whole point higher than it was at the same time one year ago.
Regions across the United States experienced positive growth.
In addition to the widespread regional growth, every age group is increasing its hold on homeownership, as well.
- 65 years and older – rate of 78.7 percent, a 0.2-percent increase
- 55 to 64 years old – 76.3 percent rate
- 35 to 44 years old – rate of 61.5 percent
- 35 years and younger – rate of 37.3 percent, a 1.9-point gain from last year
We are inspired by the increase to homeownership numbers and are here to assist you with your own financial goals.
Whether you’re a first-time homebuyer, or you’re thinking about your second or third home, we have the experience and resources to lead the way.
Those buying a home for the first time can benefit from the FHA loan, which is backed by the Federal Housing Administration.
Because of the support of the federal government, lenders offering the program can extend lenient borrowing terms to their clients.
This means that obstacles like a substantial down payment or a near-perfect credit score are no longer issues. It truly puts homeownership within reach.
Military families can also experience similar benefits.
The Veterans Affairs loan is also backed by the government, making it possible to buy a home without a down payment and with less-than-ideal credit.
If you’re prepared to join the growing number of homeowners, now may be the time to ride the wave. There are plenty of mortgage programs that can be packaged with incredibly favorable interest rates.
Please let us know if you have any questions about how we can work together to try to get you into your new home.