After the housing market crash of 2008, homeownership rates throughout the country have decreased dramatically. At one point prior to the crash, the homeownership rate was over 69%. In the years following, it dropped to its lowest point at 63.7%.
As homeownership in Raleigh continued to decrease throughout the late 2000s and early 2010s, many began to wonder if it was no longer an essential part of the American dream.
Here’s our take on it:
Homeownership Will Always Be a Cornerstone of the American Dream
Owning a home is as American as apple pie and baseball. According to a recent report by the Census Bureau, the home ownership rate has actually increased steadily over the last two years.
Today, it stands at about 64.8%. That’s a 1.1% increase from its lowest point in 2015. While it’s still not nearly as high as it was at its peak, this growth is a good thing! It shows that buying a home is still a huge financial goal to many.
The Desire for Homeownership is Strong Across All Generations
With millennials poised to take over the real estate market, we’re expecting homeownership rates to continue rising steadily in the following years.
After all, there are so many benefits—both financially and emotionally—to buying a home. We’ve written about it extensively, but owning a home improves your life in more ways than one. It gives you financial security, allows you to grow your wealth by building equity over the longer term, and provides you a stronger emotional attachment and investment in your community.
If you’ve long been thinking about joining the ranks of homeownership, now is the time to act!
It’s a Great Time to Become a Raleigh Homeowner
With the summer real estate market gearing up in Raleigh, now is a great time to make your Raleigh homeownership dreams come true. The current inventory of homes for sale in Raleigh has never been better.
Here at Linda Craft & Team REALTORS®, we have a ton of resources to help you locate the home of your dreams. In addition, allow us to use our expertise to help you negotiate the best possible price, navigate your relocation with ease, and achieve all of your real estate goals.
Give us a call today to learn more!