BREVARD REAL ESTATE REPORT: Homeownership Rate Continues to Rise in 2020 Despite Challenges
By Bobby Freeman, Realtor // August 8, 2020
homeownership rate of 67.9 percent was 3.8 percentage points higher than 2019
BREVARD COUNTY, FLORIDA – So far, it’s been quite a ride this year and our nation has truly seen its fair share of hurdles such as COVID-19, record unemployment, and more.
Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.
The U.S. Census Bureau recently announced:
The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).
The increase is also represented by race and ethnicity of the householder:
There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage rates. Rates hovering at all-time lows are helping to drive affordability and enabling more potential homeowners to enter the market today.
“The historic low mortgage interest rates have helped many home buyers purchase sooner than later,” said Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“They have discovered an unexpected opportunity during the worst economic downturn America has seen in many decades.”
In addition, many potential homebuyers have been using their time this year to search for homes that offer more space than their current rental apartments. Many of these homebuyers are younger.
According to Odeta Kushi, Deputy Chief Economist at First American states a spike in the number of owners, and a decline in the number of renters making this the highest rate of homeownership since 2008.
This growth is outstanding news for the housing market and for those who have recently found their new homes. If homeownership is on your shortlist this year, maybe now is a great time to meet with a real estate professional to evaluate your current situation. Perhaps historically low mortgage rates can help you to become a homeowner too.
If you’re thinking of buying a home this year, let’s connect today to take your dream one step closer to reality.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.
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