Young Families Are Buying Homes Again

In the Washington Post, Andrew Van Dam notes that renters suddenly started becoming home buyers again in 2016. He says the primary change came among young families:

It is now apparent demographic pressure had been building since the housing crisis. Millennials were hitting the age at which previous generations began buying homes, but had put off home-buying due to slow earnings growth, a tepid labor market and soaring student loan debt….In 2016, Millennials finally began to surmount the obstacles that sat between them and homeownership.

Naturally that made me curious. So here’s the homeownership rate since 2000 for three different age cohorts:

Millennials have indeed started buying houses again. Since the trough in their homeownership rate in mid-2016, homeownership has risen by 7 percent. Younger Gen Xers have increased their homeownership rate by about 5 percent, while older Gen Xers have gone up by only 1 percent.

Homeownership rates are still below their average of the past 25 years but are clearly making a comeback. Anecdotally, new homes and condos seem to be everywhere I look here in suburban Orange County. The only question is whether the economic good times can last long enough for young workers to make up what they lost in the Great Recession.

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate