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- Younger People Drove the Increase in Homeownership Rates over the Past Few Years: Census
Younger People Drove the Increase in Homeownership Rates over the Past Few Years: Census
by Wolf Richter Wolf Street
They’re making good money and got on with their lives. This demand, fueled by low interest rates and FOMO, was part of the force behind the price surge.
It has never been easy for young people, when they start out, to buy a home. “House poor” and “house broke” are time-honored expressions that have been around for many decades, and for a good reason, because when people are starting out, they go way out on a limb to buy a home, and then cannot afford anything else because the mortgage payments eat up much of their income.
Yet homeownership rates of younger people have actually increased. In fact, most of the increase in the overall homeownership rate from 2016, and nearly all of the increase since 2019, through 2022, was driven by people under 45.