The homeownership rate rose last year for the first time in 13 years. Rising wages, loosening credit standards and demographic shifts are all creating momentum for owning rather than renting. Fannie Mae made it easier for borrowers to take on more debt in the middle of last year, which coincided with a significant rise in the homeownership rate. Rates for home loans surged on strong economic data, taking the benchmark rate to its highest point so far this year.
Even rising mortgage rates won’t stop homebuyers
Owning Is the New Renting: Homeownership Trends Upward as U.S. Loses Renter Households