The Census Bureau’s Housing Vacancy Survey is showing a steady housing market for the first quarter of 2017. While the numbers are comparable to those of last years, it still suggests that it is stabilizing from the cycle low it reached during the second quarter of 2016.
According to the survey, the number of households in the first quarter of 2017 increased by 1.2 million. Compared to last years number, there were 118.8 million for the first quarter 2017.
What a Steady Housing Market Means to You
Based on the data collected from the survey, the stability means that people are gradually returning to homeownership. Families that used to rent homes are opting to invest long term in buying homes.
Potential home buyers under the age of 55 are the biggest contributors to the trend. Members of Generation X and millennials helped increased homeownership rate by 0.1%. Right behind them are households between the ages 45 and 54 years old increased homeownership by 0.2%
According to David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, consumer confidence in the economic situation of the country and low unemployment make buying a home affordable. The demand from home buyers are also a lot higher than in the previous. If the price for homes go up, it is small and still make buying a home a worthwhile invested.
Plan for Your Own Home
With such confidence boosting numbers and reports, now is a great time to look into building your dream home. You’ve probably seen new developments around you going up as people’s trust in the economy continue to fund these projects. And it is not going to stop.