Although the homeownership rate dropped slightly for Americans in the third quarter of 2020, people under 35 had a 2.7 percentage point increase to 40.2%, according to the National Association of Realtors.
First-time buyers contributed to 31% of September’s home sales due to record-low mortgage rates, according to the report. Homeownership increased by more than three points to 63.9% for buyers aged 35 to 44. Ages 45 to 54 have a homeownership rate of 72%, 55 to 64 at 76.4% and people over 65 years old at 80.7%.
Homeownership rates in the third quarter saw an annual increase for all four regions. According to the article, the Midwest and South lead the regions at 71.2% and 70.8% while the Northeast and West are both at 62%.
Census data shows that there is a concerning racial gap in homeownership. The homeownership rate for non-Hispanic whites was 75.8%, while the rate for Black people was 46.4%, 61% for Asians, native Hawaiian and Pacific Islanders and 50.9% for Hispanics.