Housing Demand Shifting From Renting To Owning
It may surprise you to know that in 2017, the national home ownership rate was 63.9%, according to a new State of the Nation’s Housing report from the Joint Center on Housing Studies of Harvard University. And that was an increase for the first time in 13 years! Nearly half the households across the country are renters. The number of homeowners has risen an average of 710,000 per year over the past two years.
At the same time, the demand for renting has significantly slowed down. While growth in the number of rental households from 2000 – 2015 was at an average of 850,000 per year, that number dropped dramatically in 2015 – 2017 to just 220,000. The national rental vacancy rate also rose for the first time since 2009 (from 6.9% to 7.2%). We are seeing some of those changes here in Oxford as well.
As renting continues to become more unaffordable in markets across the country, more people are finding home ownership to be the best (and often times more affordable) housing option for themselves and their families. If you are currently a renter and thought you couldn't afford to buy, give me a call at 662-801-6692 and let's check out the possibilities of home ownership for you!