Millennials, First-time Buyers Boost Homeownership Rates: Census Bureau
By Kelsey Ramirez
The homeownership rate increased slightly in the third quarter, driven primarily by a jump in first-time homebuyers.
(Source: U.S. Census Bureau)
This increase was driven primarily by first-time homebuyers as more Millennials opted out of renting and entered into the homeownership market.
“Led by another surge in owner household formation, homeownership rates are up again, but those gains are not driven by those who experienced the housing crash and lived to tell about it,” said Skylar Olsen, Zillow director of economic research and outreach. “First-time home buyers drove the market this year.”
“The homeownership rate of the 45 to 55 age bracket dropped quarter-over-quarter, while the under 35 age bracket continues to rally,” Olsen said. “Their homeownership rate is up a whopping 1.2% since Q3 2017 to 36.8%.”