According to the AJC, home ownership is still the goal among Americans if they can find a way to afford it. That has been the problem in recent years, but the numbers are beginning to point up. The building industry and people alike are recovering from the effects of the Great Recession and are striving to make the dream of home ownership a reality in their own lives.
What do the numbers say?
In this report, it says that Americans formed 1.3 million new households in 2015. This is a number our country was used to seeing before the recession. Whether it was due to younger generations getting married and moving out or for other reasons, more households were formed which meant there was a need for more homes. Today, millennials, the largest generation in U.S. history, are in that time of their lives, and we can expect for this number to continue to rise every year by about two million.
We also see that as more homes are being built, the average size of homes is growing as well. The median size last year for a new single family home was a record-setting 2,467 square feet. In addition, the number home of homes being built is increasing from the last few years. 1.1 million properties broke ground last year, up by 10.8 percent from the previous year. Even though that number is still lower than from before the housing market crash and recession, there is optimism because the numbers are growing, and we can see America is bouncing back.
Although there is still plenty of work to be done, America has hope and a dream of home ownership. It is still one of the greatest accomplishments to be able to buy a home for you and your family. If you want to find an Atlanta new home and make the dream of home ownership a reality, be sure to check out the Atlanta Real Estate Forum to stay updated all things real estate in the Atlanta area.