Wednesday, May 11, 2016
Posted by: Matthew Craig
According to the Census Bureau’s Housing Vacancy Survey (HVS), the nation’s homeownership rate in the first quarter of 2016 was 63.5%, down by 20 basis points on a non-seasonally adjusted basis over the first quarter of 2015. Compared to the peak at the end of 2004, the homeownership rate has steadily decreased by 5.7 percentage points and remains below the 25-year average rate of 66.2%.
While the homeownership overall was down, one generation saw a small increase on a year-over-year basis. The homeownership rate for Generation X was 58.9%, up 0.5% on a year-over-year basis while all other generations posted a decrease.
In similar fashion, HIRI’s Project Sentiment Tracking Study shows an increase in the number of home improvement projects undertaken by Gen X homeowners, jumping from 69.6% in Q2 2015 to 78.6% in 2Q 2016. The top 5 projects for Gen Xers this quarter are:
Garden and Landscaping
The Sentiment Tracking Study also includes questions about homeowner attitudes and life event motivators for home improvement projects.