home sweet home

Homeownership is spiking in 2017

iStock

There were more than 850,000 new homeowners in the first three months of 2017, compared with 365,000 new renters. Although the U.S. homeownership rate of 63.6 percent is still near a historic low, the first quarter was the first time the number of homeowners has grown faster than renters since 2006.

In 2016, the homeownership rate fell to its lowest point since 1965, part of a trend of young Americans choosing to rent instead of buy their homes. However, with growing consumer confidence and increasing wages, the market is seeing many more first-time buyers this year.