According to a recent Washington Post article, homeownership is at its highest levels in decades nationwide. Changes in demographics as Millennials entered the market, fear of rising home prices and interest rates, and rent appreciation are the main reasons why.
The Washington Post stated that beginning in 2016 rents nationally started to rise more than 6 percent from the year prior – one of the few times on record that rent appreciation outpaced home prices.
In September of last year, the Las Vegas Review-Journal reported rent prices in Las Vegas grew at the second-fastest pace in the nation, just behind Orlando, Florida.
All while, according to the most recent Housing Vacancies and Homeownership survey, homeownership rose from a low of 63 percent in the second quarter of 2016 to 64.6 percent in the fourth quarter of 2018. In other words, even though we’re still not at homeownership levels seen in the early 2000s, the recent rise of homebuying is a steep reversal of that trend.
The data also suggest that Millennials were finally leaving their parents homes, which doubled from 2005 to 2017.
And as the economy and job market continue to climb at a steady rate, so probably will homeownership, according to experts cited in the Washington Post.
If you are also feeling the squeeze from rising rents, please contact The New Home Experts Las Vegas and learn more about great opportunities to purchase in the Las Vegas area.