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Potential homeownership demand increased nationally by1.1%
Rising income and education fueled growth in potential homeownership demand.
Fewer married households/children decreased potential homeownership demand.
Potential homeownership demand increased in46/50
key metropolitan areas.
Homeownership remains central to the pursuit of the American Dream. It is a critical driver of economic mobility, delivering financial and social advantages to families and entire communities.
In this era of dramatic economic, technological and societal change, examining the lifestyle, societal and economic factors that influence changes to homeownership rates can help us better understand how to provide more opportunities for homeownership.
"Analyzing the trends that influence homeownerhip decisions today and in the future can help inform the discusions necessary to preserve homeownership opportunities for the next generation."
First American's proprietary Homeownership Progress Index provide a unique view of homeownership and its underlying components over time at the national, state and market level.
"Even as Millennials continued to delay marriage and family formation and pursue higher education levels, the Homeownership Progress Index declined only moderately from 2015 to 2016," said Mark Fleming, chief economist at First American.