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Homeownership Rate Shows Surprising Trend

The homeownership rate doesn't change too drastically from year to year. It hit its record high in the second quarter of 2004, at 69.2 percent and its recent low in 2016 when it fell to 62.9 percent. In other words, the percentage of Americans who own a home has been pretty consistent. Over the past few years, though, there has been an increase. In fact, according to the Census Bureau's first quarter report, the homeownership rate is currently 66 percent. That's a fairly significant increase since 2016's low. But what's more surprising than the overall increase is the demographic that's driving the gains. An analysis from Freddie Mac found that between 2016 and today, the rate increased the most for households making below the median U.S. family income. The homeownership rate for those households rose from 48 percent to 53.4 percent during that time. For comparison, the rate for households with a family income higher than the median only increased 0.8 percent over the same period. That means, despite a lower than normal number of affordable homes for sale, Americans are still finding ways to achieve their dream of owning a home.

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