Helping Millennial and Minority Buyers Overcome Barriers to Homeownership
Recent data from the U.S. Census Bureau shows a continuing slide in the national homeownership rate. According to the data, the national homeownership rate fell from its peak of 69.2 percent in the fourth quarter of 2004 to 62.9 percent in the second quarter of 2016. In addition, further analysis of the data by Harvard’s Joint Center for Housing Studies attributes the decline to a range of factors that have challenged household growth and formation and discouraged home purchases — including tighter credit standards, lingering unemployment, stagnating wages, and rising student loan debt.
Those factors seem especially challenging for young adults and minorities, as indicated by the Census Bureau data, conducted as part of the quarterly Housing Vacancy Survey of the Current Population Survey and reported on July 28.