Gen X Homeownership Is Bouncing Back, and Increasing the National Rate
The Census Bureau reports that the national homeownership rate rose to 63.9 percent in the third quarter this year, and that Americans aged 35-44, Gen Xers, had the biggest increase in homeownership.
Trulia's chief economist Ralph McLaughlin told MarketWatch, “Last quarter seems to be an inflection point ... Renters are making the conversion to buying.” McLaughlin continued saying that Gen Xers were the generation hit hardest by the housing crisis in 2008, which affected their home equity, credit scores, and jobs.
Analysts believe the national homeownership rate should achieve a “healthy equilibrium,” somewhere between the extremes of the bubble and the post-crisis rock-bottom level. And as McLaughlin pointed out, more homeowners wouldn’t just signal a healthier housing market, but more consumer confidence and a stronger economy.