The rate of homeownership in the U.S. increased during the second quarter, a continuation of the slow and ongoing recovery from the housing collapse a decade ago. According to the U.S. Census Bureau, the rate increased a substantial one percent over the same period last year to 63.7 percent.
"The damage the [2007-09] great recession has done to the homeownership rate is likely reversing course," according to Ralph McLaughlin, chief economist for Trulia. In particular, millennials who have largely shied away from the housing market post-recession have begun to form new households. The homeownership rate for those under 35 years old rose from 34.1 percent in 2016 to 35.3 percent this year.
There are currently more homeowners in the U.S than at any time in the past eight years. During the second quarter of 2016, the homeownership rate dropped to a 50-year low. Historically low interest rates may be helping boost homeownership with conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 percent.
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