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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Puppet shows, pagodas and pho: a guide to HanoiThe Week Recommends Vietnam's capital city blends the ancient with the new
-
'There are benefits, but not acknowledging them would tell only half of the story'Instant Opinion Opinion, comment and editorials of the day
-
What Trump's win could mean for Big TechTalking Points The tech industry is bracing itself for Trump's second administration
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
