After seven quarters of decline, the nation’s homeownership rate grew during the third quarter.

Most notably, the largest demographic gain in the United States was for homeowners under the age of 35, representing the first rise for the group since the second quarter of 2004, according to the Commerce Department.

The homeownership rate for individuals and families under the age of 35 rose from 34.8 percent to 35.8 percent during the third quarter. According to the Commerce Department, this was the lone age cohort to experience significant gains in homeownership during the quarter.

According to the Birmingham Association of Realtors, this trend is evident in Alabama’s largest metro as well.

“We continue to see young people and families buying homes in many of our growing neighborhoods around Birmingham and over the mountain,” said Birmingham Association of Realtors President James Harwell. “Each month we have seen an increase in our inventory and sales here in Birmingham, which is really exciting to see. Young buyers are being attracted to the downtown lifestyle and settling in neighborhoods like Avondale and Crestwood as those communities continue to see growth in commercial developments.”

The second quarter of 2004 also established the overall high for homeownership in the U.S. in recent years at 69.2 percent.

The rise during the previous quarter put the homeownership rate across the nation at 63.7 percent, but that is up from 63.4 percent reported during the second quarter of 2015.

Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.

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