Great news: The U.S. homeownership rate rose in the third quarter, matching a five-year high, according to the Census Bureau.
About 65 percent of American households live in residences they owned, representing a nearly three-point increase from the second quarter in 2019.
The rate has steadily increased since 2016 when the market was at a decades-long low in the wake of the mortgage crisis.
Additionally, the data shows that homeownership for black Americans rose by more than two points, the highest number since the end of last year. Hispanic households rose to 47.8 percent, up around a point from the previous quarter.
Regionally, homeownership rose the most in the Midwest, reaching 69 percent in the third quarter of 2019. In the west, it hit 60 percent.
If you’re ready to become part of this exciting upward trend, we hope you buy in Oahu. This beautiful island has it all – a modern city, cultural diversity, incredible weather and one heck of a view everywhere you go.
At Element Mortgage, we are lucky enough to also live here. That gives us a local presence and knowledge of the community we’re serving. We’ve helped countless others across the region, and we’re ready to help you, too. Please reach out to us with any questions about our products and services.