In the first quarter, the number of owner-occupied households rose faster than renter households. It’s the first time that’s happened since 2006, and it may signal a renewed focus back toward homeownership.
MarketWatch reports that the number of new owner households rose 850,000, compared to a 365,000 increase to the number of renter households, per Trulia data. The overall homeownership rate sits at 63.6 percent, which is slightly above the 63.5 percent rate in Q1 2016.
Also, household formation rose 1 percent from last year, and the ownership rates for African-Americans and Hispanics both improved.
“This is very optimistic news for those of us who are interested in the homeownership rate,” Trulia Chief Economist Ralph McLaughlin. “It’s the first sign we may be pivoting away from renting and back toward ownership.”
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