The national homeownership rate is expected to climb next year after years of subdued changes. Declines in the recent number of Americans who own a home have largely been attributed to millennials who are delaying entering the housing market. Growing student loan debt and rising home prices have kept those under thirty in rentals or living with family.
Yet, according to a prediction made by Zillow, the current 63.5 percent homeownership rate will increase four percent in 2017. The look-ahead report notes however, this increase will not be seen evenly across the country. Southern California in particular will likely see less of a jump due to continued restraints on housing inventory and increasing prices.
San Diego should anticipate a 2.1 percent increase in home values next year. Demand levels in the region indicate it is still one of the most desirable places to live. Meanwhile, conforming no-point 30-year fixed rates are averaging 4.00 percent while the 15-year rate is near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.