For the first time in 13 years, the home ownership rate
increased at the end of 2017.
Characterized as a “crucial turning point” by The Wall Street Journal yesterday,
this is another sign that the real estate market has definitively turned around
from the housing crash of 2008.
The home ownership rate rose to 64.2% at the end of the
year, a healthy increase compared to 62.9% in the second quarter of 2016– when
it was at a 50-year low. “The
home-ownership rate remains below the long-term average of around 65%. Economists said there are likely still years
of recovery ahead, in part because home prices are growing faster than wages
and inflation.”
More good news - at the close of 2017, the home ownership
rate for households under age 35 rose to 36% from 34.7%. The turnaround in the home ownership of
millennials is a good omen for the real estate market and the economy as a
whole, since the housing industry stimulates jobs in construction, and sale of
consumer goods and services.
With consumer confidence up in January 2018, it appears we
are headed for a moderately good year in real estate. It’s a good time to work on any plans you may
have to sell or buy here on the North Fork.
There is a high demand, even during these cold winter months. Just think, if you call us today, we can meet
with you, and put a plan in place to sell or buy, so you will be ahead of the
curve!
Call us at 631 765 5333 or come in and visit – we’d love to
see you. And...we have a gift for you as
well! With the new Suffolk County
point-of -purchase charge for plastic bags, that went into effect the beginning
of January, we are offering free reusable shopping bags! And if I must say so myself, they are very
attractive!
Source: The Wall Street Journal, January 31, 2018, Millennials Kick-Start Housing Market,
Laura Kusisto, pages 1-2
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