John has been the proud recipient of the NMP "Most Connected Mortgage Professional" award for 5 years running!
"Renting is the new buying." That became a kind of mantra after the housing crisis. Many Americans stopped believing that owning a home was a way to build wealth. As late as 2013, one report found, homeowners could see themselves becoming renters. And there were far fewer first-time homebuyers.
That's still the case today; last year, only 32 percent of all homebuyers were first-timers. But there are signs that young people are warming once again to the idea of owning their own home.
In fact, more than one-third of all homebuyers these days are 35 and younger. More than Gen X'ers, more than baby boomers, it's millennials who are taking the leap, according to a study this month by the National Association of Realtors."
NAHB has released its latest projections of spending on improvements to owner-occupied housing by zip code. The projections show total spending on improvements, the number of owner-occupied homes, as well as average spending per improvement, in each zip code for calendar year 2016. Also shown for each zip are 2016 projections for the five key variables NAHB uses to estimate home improvement spending in relatively small areas.