The homeownership rate rose between July and September, after the biggest gain for those under 35 years old in 11 years.
The Commerce Department reported Tuesday that homeownership rate rose to 63.7% in the third quarter, from 63.4% in the second quarter.
The homeownership rate for those under 35 rose from 34.8% to 35.8%. That’s the biggest gain since the second quarter of 2004.
The rising demand to own a home comes even as house prices continue to accelerate. They rose 5.1% in the 12 months ending August, according to the latest data released Tuesday.
Have I mentioned we are in the boom phase of the Fed created boom-bust cycle?