Millennials Effected the Most as Homeownership Rates Fell
Recent data shows that homeownership levels decreased between 2009 and 2015 across the United States. Specifically for Carroll County, there has been a large decrease in homeownership for people aged under 35 years-old.
The information was produced by Gavop which analyzed long-term housing prices and real estate trends at the county level across the United States. In regards to this study, the numbers come from the United States Census Bureau.
In Carroll County, the highest decrease in homeownership was from individuals under 35 years-old where homeownership decreased by 40.9 percent. Furthermore, homeownership decreased by 14 percent for people aged 35-44, and by 1 percent for those aged 45-59. There was however a increase of 13.8 percent for residents 60 and over.
The information is best represented in the following graph from http://www.gavop.com/home
The numbers illustrate how Carroll County followed the general trend in the United States of a decline in homeownership, especially among young adults. Categorically, Carroll County had a greater decrease in homeownership than state and national values for the millennial age group.
“Such a decrease in homeownership shows that Carroll County experience
The nationwide decline in homeownership is partially linked to the recession where the economic downturn forced young people to move back home in order to save money, therefore adults under 35 years-old were the most impacted age group in the United States. Those impacted the second most were people aged 35-44 who are in the prime age group to purchase their first home. In contrast, older Americans aged 60 and up have seen a rise in homeownership.
Further research indicates that the drop in homeownership comes with financial costs to residents. By renting homes, people miss out on low mortgage rates and are faced with an increase in rent. Because of this trend, people who are able to invest in real estate are able to benefit from the situation.
For more information please contact Kevin Pryor at 203-518-2348 or email atkevin@gridlex.com
Gavop.com is a real estate, housing, and local data analytics service. Team members research data from public sources such as the U.S Census Bureau and private databases to produce insightful studies. Gavop’s data is aimed to serve real estate professionals and organizations so they may gain further insight into market dynamics. Gavop.com is a product of Gridlex which has a cross-functional team of software engineers, data scientists, and analysts.
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