The U.S. homeownership rate rose in the last quarter of 2017 to 64.2 percent from 63.7 percent in 2016, according to the U.S. Census Bureau.
The yearly increase is the first one since 2004. The Florida Association of Realtors credits the increase to young, first-time buyers. The homeownership rate in households headed by people under the age of 35 rose to 36 percent in the last quarter from 34.7 percent a year earlier, making it the largest increase of any age group during the period.
Increasing jobs, easier credit, and tax breaks are good incentives for renters to start looking at the market. Recent federal tax changes could enhance the overall economy and give renters the opportunity to save for a downpayment.
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