Prior to the pandemic, Yue and Chris Parsons were, like many Millennials, reluctant renters moving from one apartment to another, wondering when they would be able to buy a home of their own. But the pandemic turned out to be an opportunity — not just for the Parsonses, who are 34 and 36 years old, respectively, but for lots of other young people. From 2016 to 2022, homeownership rates rose most for those under 44, according to recent analysis from the US Census, and much of that came during the pandemic period. The Parsonses, who live in New York City, saw their prospects of buying a home improve during the pandemic as several factors came together: people left the city; the demand to buy a home dropped, cutting their competition; sellers were very motivated to get rid of apartments they could no longer afford; and mortgage rates dropped to historic lows.

The homeownership rate grew overall during the pandemic, but it was fueled by younger people like the Parsonses buying a home, according to the Census Bureau. Younger households are typically more likely to rent than own their home. But between 2016 to 2022, homeownership rates went up among adults under age 55, but stayed the same among those over 55. By 2022, the US homeownership rate was 65.8%, up from 64.6% in 2019. That rebound was driven largely by buyers who were aged 44 and younger, according to the Census Bureau’s Current Population Survey/Housing Vacancy Survey, released in July. Homeownership rates dipped as low as 63.4% following the foreclosure crisis that began in 2004 and the Great Recession that began in 2008.

Source: CNN