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The HPRI decreased by0.3%
percentage points in 2021.
Rising house-buying power and educated millennials fueled growth in the HPRI.
Higher U-6 unemployment rate decreased the HPRI.
The HPRI increased in23/50
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.
"Though the pandemic presents new challenges, millennial lifestyle decisions will continue to support potential homeownership demand, meaning millennials may be poised to fuel a 'roaring 20s' of demand." said Mark Fleming, chief economist at First American.
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Higher mortgage rates leave existing homeowners feeling ‘rate locked-in’, to their existing homes. And existing homeowners are the largest source of buyers. Fewer homes for sale and fewer sales. The more the rate lock-in effect, the fewer sales. pic.twitter.com/Uqp4Oqm6L7— Mark Fleming (@mflemingecon) May 26, 2022