June is National Homeownership Month
Homeownership Rates Increase Across Generations
Judie Docs, Executive Officer – CSP, MCSP, CGP, CMP, MIRM
North Coast Building Industry Association (NCBIA) ncbia.com
As the home building industry celebrates National Homeownership Month in June, new data
shows that homeownership rates among adults in all age groups increased over the last year.
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate
at 66% in the first quarter of 2023 , amid a persistently tight housing supply. A closer look at the
data shows that homeownership rates among households aged 55-54 registered the largest
gains among all groups, followed by households aged 45-54. Adults 35 years old or younger also
experienced a modest increase in homeownership.
It is no surprise that all age groups are making homeownership a priority. Homes are a primary
source of net worth for many Americans. The most recent edition of the Survey of Consumer
Finances showed that a primary residence is the largest asset for households.
One of the barriers to homeownership is affordability. Home builders recognize the increasing
demand for affordable entry-level homes. However, rising construction costs and limited lot
availability create significant challenges to building smaller, single-family detached homes that
are affordable to first-time buyers and cost-effective for builders.
To help overcome these challenges, home builders, many of which are small businesses and live
in our community, continue to advocate for housing affordability so all families can achieve the
American Dream of homeownership. Buyers also may find that some home builders have
arranged favorable financing for their customers or offer financial incentives.
When it comes to affordability, qualifying for a mortgage and saving up for a downpayment is
another obstacle to homeownership. To help address these concerns, Fannie Mae and Freddie
Mac — through the Federal Housing Administration (FHA) — offer low-downpayment mortgage
programs geared primarily toward the first-time home buyer market. These lenders
offer mortgages with 3% downpayments , allowing more creditworthy borrowers who lack the
funds for a large downpayment to obtain a home mortgage. However, to ensure that the
financing process goes smoothly, buyers should consider pre-qualifying for a mortgage and
having a financing commitment in place before shopping for a new home.
Learn more about the benefits of homeownership at www.ncbia.com . The NCBIA is your local
not-for-profit trade association representing member companies involved in all aspects of
home building, remodeling, and other aspects of services available to help you in the future as
well as more information on the above topic. So, you can see it is for your protection that you
use a NCBIA member. If you are unsure that your contractor is a member of the NCBIA or you
are looking for a list of NCBIA members, you can visit our website at www.ncbia.com or call
440-934-1090. We also have a job posting board (under the industry tab).
Just updated! Our 24/7 Virtual Parade of Homes!!! Allows you to look at some of our builders’
new homes and communities on your mobile device or computer at your leisure. We know
time is our greatest asset and via our NCBIA Virtual Parade of Homes, we save you time looking
for a new home or a community that fits your lifestyle.
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Homeownership is truly a cornerstone of the American way of life. North Coast Building
Industry – Come Build with Us!