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.
First American’s proprietary Potential Home Sales model examines May 2017 data and includes analysis from First American Chief Economist Mark Fleming on how the real estate market is performing versus its potential.
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.
First American Chief Economist Mark Fleming is interviewed on Money Matters Radio in Boston and shares his perspective on the connection between marriage, declining homeownership rates, and Millennial home buying.
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.
Last week, I participated in the 2017 Housing Market Forecast and Homebuyer Trends webinar hosted by the American Land Title Association (ALTA). Jessica Lautz, a consumer research expert from the National Association of Realtors, and I discussed how the real estate market is changing and what we can expect. We tried to answer the question posed in the title of the webinar, “Has the Game Changed?”
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.
First American Chief Economist Mark Fleming was interviewed yesterday on CNBC regarding the surge in interest rates following the U.S. presidential election and what it means for the housing market in the year ahead.
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.
A common narrative over the last several years is that Millennials are breaking with the habits of their parents when it comes to home buying. Millennials rent longer, live with their parents, and are burdened with student loan debt. In short, it would seem that for a variety of reasons they aren’t as interested in homeownership as their predecessors. We’ve examined this issue in previous posts, and found that, contrary to conventional wisdom, Millennials continue to strive for homeownership. Advancing their education has been a top priority for Millennials, and they stand to benefit from the higher incomes that accompany higher education levels. As the first wave of Millennials ages into homeownership, the real question becomes, how healthy is the housing market they are entering?