This is good news for first - time home buyers with bad credit because the U.S. government is intent on raising
homeownership levels for millennials.
Yun
said homeownership levels dropped by one million households between 2010 and 2014, despite the recovery in home equity, while the share of renters has increased by four million during that period.
The real estate industry's Oct. 10 HOPE Awards gala was a glowing salute to some of the innovators in our country's quest for parity in minority and
white homeownership levels.
Overlaying immigrant share and homeownership data reveals a picture of the immigrant homeownership statistics for particular areas — no matter what market you're researching within or outside of the U.S. Numerous cities / metropolitan areas have both a high share of immigrants (defined as greater than 13 percent) and
high homeownership levels within them.
Significant gains have also been made over the same period in markets such as Ottawa —
where homeownership levels rose from 51.4 per cent to 66.7 per cent — and Toronto, where levels rose from 57.3 to 67.6 per cent.
This will help to keep payment - to - income ratios in balance — an important factor not only for first - time buyers but for
sustaining homeownership levels among existing owners.»
Real estate groups have come out against the changes, claiming the new rules will hurt homeowners and
homeownership levels.
He was quoted in the Financial Post as stating
that homeownership levels will probably go down once interest rates go up and debt - laden borrowers are forced to give up their mortgages.
«Austin has a large population of educated millennials, so it's unlikely that
homeownership levels are going to go up significantly in this market, considering the all - time high levels of student loan debt,» says Hovland.
Somewhat counterintuitively, despite the strong economy,
homeownership levels are down.
For households headed by those under age 65, today's
homeownership levels are near the lowest on record since 1982 (the earliest year available).