Happy National Homeownership Month! It’s time to celebrate homeownership and the impact it has on the lives of American families, local neighborhoods and the nation’s economic health. Did you know that National Homeownership Month has gone through many iterations throughout the years? In 1976 it was named, “Private Property Week”, then in 1986 it was renamed to “American Home Week”, and finally in 2002, President George W. Bush proclaimed June as National Homeownership Month. In honor of this month-long celebration, I have gathered a list of interesting facts and statistics on homeownership for 2019.
Did you know?
According to the Federal Reserve Bank of New York’s 2019 Survey of Consumer Housing Expectations:
- Nearly 72% of renters say they would prefer to own instead of rent if they had the financial resources to do so.
- 65% of households nationwide view buying a home in their ZIP code as a good financial investment.
- The percentage of homeowners who expect to invest at least $5,000 in their homes over the next one to three years is 38-48%.
- In 2018, the median downpayment on a house was 13% for overall buyers, and 7% for first-time buyers.
Millennial Homeownership Statistics:
- About 20% of millennials expect to buy a home in the next year, this is more than any other age cohort, according to the National Association of Home Builders and National Association of Realtors.
According to a new study by Chase Home Lending:
- 70% of millennial first-time homebuyers are willing to cut back on weekend activities such as shopping, and going to the movies to once per month if this means they could become homeowners in the next 12 months.
- 71% of female respondents noted they’re willing to limit eating and drinking out to once per week if this means they could buy a home in the next 12 months.
- Despite juggling various financial priorities or obligations, the vast majority of millennials (93%) know that homeownership is on the horizon and feel either excited or hopeful about the homebuying process.