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Economic Center Blog

What Are The Prospects For Future Homeownership Demand?

By Mark Fleming on August 17, 2017

We’ve posted the annual First American Homeownership Progress Index (HPRI), which measures how a variety of lifestyle, societal and economic factors influence homeownership rates over time at national, state and market levels. The HPRI declined 0.4 percent year-over-year, and is down 6 percent from the pre-recession peak. Potential homeownership demand is at the same level it was in 1990.

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Topics: millennials, Homeownership Progress Index, HPRI

Do Unexplained Homeownership Gaps Exist?

By Mark Fleming on April 20, 2017

Homeownership is a goal shared among all people, regardless of race or ethnicity, and  remains the main driver of wealth creation for the majority of households in the United States. That is why it is vital to understand the underlying characteristics that influence the probability of homeownership. Over the last several months, my research has explored the influence of marital status and family formation, education, income and economic factors on  homeownership rates. Today, I examine how ethnicity impacts the probability of homeownership.

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Topics: Education, Homeownership Progress Index, insider

Can You Spring Break Into Homeownership?

By Mark Fleming on March 16, 2017

Spring break is fast approaching, that playful time of year when beach cities are inundated with college students and tourists. As housing economists, spring break is exciting because it coincides with the beginning of the spring home buying season! While we may not seem to have much in common with the college crowd, there is an underlying connection: education.

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Topics: millennials, Education, Homeownership Progress Index, insider

Two Trends Poised To Trigger Potential Surge In Homeownership Demand This Spring

By Mark Fleming on March 2, 2017

The spring home-buying season is right around the corner. As we reflect back on the spring of last year, it becomes clear that we were spoiled in 2016 with mortgage rates well below 4 percent at the beginning spring, and flirting with record lows at 3.4 percent in the summer. This year began with mortgage rates at 4.25 percent, and concern mounting that mortgage rates would rise further this spring. Despite the higher mortgage rates, the most recent January existing-home sales numbers increased dramatically, surpassing a recent cyclical high and increasing to the fastest pace in almost a decade. This represents a potential trigger moment in housing. While inventories remain very low, and median home prices are on a 59-month streak of increases on a year-over-year basis (7.1 percent), home sales remain robust. Could the strong home sales signal a pending broad upsurge in the desire for homeownership?

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Topics: Homeownership Progress Index, income, insider

Is Love The Answer To Declining Homeownership?

By Mark Fleming on February 13, 2017

For Valentine’s Day, we pondered the question, could more love lead to an increase in homeownership? This is a serious question because marriage and homeownership, perhaps the two most enduring institutions of our society, have shaped the economic fortunes of many Americans.

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Topics: millennials, Education, Homeownership Progress Index, insider

Home [ownership] For The Holidays

By Mark Fleming on December 22, 2016

No matter your life stage, ‘tis the season to pack up your stuff and head home for the holidays. Home is where we congregate with family and friends over a hot meal, catch up on events, and maybe even ring in the New Year. But, home does not look the same for all. In fact, “home” doesn’t have to be the white picket fence with the smoking chimney in a quiet suburban neighborhood. Increasingly, for Millennials, home may be a rented apartment in the middle of the city.

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Topics: millennials, Homeownership Progress Index

Life, Liberty, And The Pursuit Of Homeownership

By Mark Fleming on November 18, 2016

It’s that time of year again. The time when we come together and celebrate the American tradition of giving thanks for the many blessings in our lives. Often we give thanks for having the basic necessities of life: food, health, water and shelter. While all of these things are vital to human existence, as a housing economist, I naturally tend to focus on shelter.

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Topics: millennials, Education, Homeownership Progress Index

Relationship Between Educational Attainment And Homeownership Becoming More Important

By FirstAm Editor on May 5, 2016

We’ve posted the annual First American Homeownership Progress Index (HPRI), which measures the level of homeownership and the underlying demographic and economic factors that influence the probability of homeownership over time and geography based on IPUMS Census Data. The HPRI declined 1.8 percent year-over-year, and is down 7.6 percent from the peak in 2005. The index is currently just 0.4 percent above the 25-year low point that was set in 1995.

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Topics: Education, Homeownership Progress Index

Why Housing Economists Get Excited About March

By Mark Fleming on March 11, 2016

With cherry blossoms in Washington D.C. and warm weather everywhere else just around the corner, it means the spring home-buying season is upon us, right? What better rite of homeownership passage than the Sunday open house on a beautiful spring day? It’s a popular way to spend a Sunday, even if you aren’t really serious about buying, and are just snooping around the neighbor’s house before the sale.

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Topics: millennials, Homeownership Progress Index

Homeownership Has A New Home

By Mark Fleming on December 10, 2015

This week, Representative Loretta Sanchez (D-Ca) spoke on the floor of the US House of Representatives about the leadership forum, “Achieving the American Dream,” that was held on the Hill in late October. Her short speech highlighted the importance of homeownership as a source of wealth creation for middle-class Americans and its role in fostering economic growth and mobility. It can be watched here.

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Topics: In The News, Homeownership Progress Index, income