Renter households rose 2.6% to 46.4 million, one of the largest increases in recent years. The homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made owning a home increasingly difficult. People are getting married and starting families later, which delays home purchases. The median U.S. home sale price in July rose 1.4% year-over-year to $443,867, a July record. Mortgage rates averaged 6.56%, more than double pandemic-era lows. More Americans are continuing to rent rather than purchase, forgoing the equity that typically comes with homeownership. The overall homeownership rate was 65% in the second quarter, while the rental rate increased to 35%.
Meanwhile, renter households rose 2.6% to 46.4 million, one of the largest increases in recent years, Redfin said, citing U.S. Census Bureau data. America's homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made it increasingly difficult to own a home, said Chen Zhao, Redfin's head of economics research. People are also getting married and starting families later, which means they're buying homes later another factor that may be at play.
The median U.S. home sale price in July increased 1.4% from a year earlier to $443,867, the highest level on record for that month. Mortgage rates averaged 6.56% more than double their pandemic-era lows. Redfin said the shift means more Americans are continuing to rent rather than purchase, forgoing the equity that typically comes with homeownership. Southern metros dominated the top 10 among 75 areas ranked in the report according to homeownership rate with North Port, Fla. (79.5%), and Baton Rouge, La. (78.6%),
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