Young homeowners increase in the 2015 third quarter

1 year 1 month 1 week ago October 29, 2015 Oct 29, 2015 Thursday, October 29 2015 Thursday, October 29, 2015 7:03:00 PM CDT in News
By: Lauren Groppenbacher, KOMU 8 Reporter

COLUMBIA - The U.S. Department of Commerce released homeownership rates on Tuesday, revealing the percentage of young adults owning homes made the biggest quarterly increase since the second quarter of 2004.

The 2015 third quarter report showed the homeownership rate for those under the age of 35 increased from 24.8 percent in the second quarter to 35.8 percent in the third quarter.

John Sebree, CEO at Missouri Realtors, explained factors that could have caused these results.

“I think for a while we have seen the millennials sit on the fence,” Sebree said. “They came of age to potentially buy a house at a time when credit was exceptionally tight, so they just decided they were going to be a renter.”

Sebree said he sees many young adults buying homes in Columbia due to the high rental prices.

“With our large student population, we’re finding that rents are a little higher here than in surrounding areas, and it makes the case even more to be a first time home buyer in a market where rents are higher,” Sebree said.

Jacobs Property Management in Columbia rents various residential properties to individuals in the area. Asset manager Amanda Stone said property owners and renters need to consider more than just mortgage payments when purchasing a living space.

“If you own the home, you do want to think about more than just your mortgage payment because it’s not a question of if, it’s a question of when you're going to have additional expenses with the home such as maintenance and upkeep,” Stone said. 

She said many of homeowners' additional money goes toward things like lawn care, maintenance and utilities.

In Missouri specifically, Sebree said home sales are up 12 percent from the previous year, and the median price to buy a home is $143,000.

With this median price, Sebree said mortgage payments are often less than the rent most young millennials are paying.

“It’s pretty easy now, at an entry-level salary, to start buying houses at our median sales price in Missouri,” Sebree said.

When looking at different regions of the U.S., the Midwest had the highest percent of homeowners in the third quarter (68.1 percent) compared to the Northeast, South and West.

“We’re in a much stronger position than most of the rest of the Midwest and even many other parts of the country, in that our home sales are increasing at a much faster pace, and our days on the market are lower,” Sebree said.

Nationwide, the homeownership rate rose to 63.7 percent in the third quarter, which increased from 63.4 percent in the second quarter.

More News

Grid
List
COLUMBIA -Residents got updated Tuesday night on two upcoming construction projects in the northern part of the city. Representatives... More >>
6 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 8:04:00 PM CST in News
FENTON (AP) — Police are investigating the deaths of a couple whose stabbed bodies were found in their home in... More >>
7 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 7:15:16 PM CST in News
COLUMBIA - It will now cost businesses or individuals who block sidewalks, traffic or parking spots in the city. ... More >>
8 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 5:59:00 PM CST in News
JEFFERSON CITY - Several mid-Missouri housing authorities will soon be changing their rules on smoking inside or near public housing.... More >>
8 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 5:55:00 PM CST in News
COLUMBIA - The University of Missouri is officially looking for a new chancellor. And it might not have to go... More >>
9 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 5:07:00 PM CST in News
JEFFERSON CITY- MoDot published Tuesday, an online guide in an effort to educate Missouri drivers on what their related tax... More >>
9 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 4:56:00 PM CST in News
COLUMBIA - The City of Columbia is looking for input from citizens on a variety of topics, from sidewalks to... More >>
10 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:59:00 PM CST in News
SPRINGFIELD, Mo. (AP) — Democratic lawmakers in Missouri want to criminalize firearm storage that allows children to easily find weapons... More >>
10 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:48:11 PM CST in News
COLUMBIA – Columbia could be home to a new radioisotope facility as early as 2018. If the project goes through,... More >>
10 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:46:00 PM CST in News
COLUMBIA - The University of Missouri Police Department received a report on Monday, Dec. 5 of a male who committed... More >>
11 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:33:00 PM CST in News
JEFFERSON CITY - Property owners in Cole County are seeking voluntary annexation into Jefferson City. Some of the residents weighed... More >>
11 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:20:00 PM CST in News
COLUMBIA – The speed limit on part of Providence Road will drop from 55 to 50 mph beginning Wednesday. ... More >>
11 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 3:11:00 PM CST in News
COLUMBIA - A grant approved during Monday night's city council meeting will allow for the city of Columbia to make... More >>
12 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 2:41:00 PM CST in News
KANSAS CITY (AP) — A trial has been scheduled for late next year for a Missouri man accused of sexually... More >>
13 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 1:00:46 PM CST in News
JEFFERSON CITY (AP) — A man with a history of violent sex offenses dating back to the 1960s has been... More >>
15 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 11:35:57 AM CST in News
WARRENSBURG (AP) — At a time when reports of anti-Muslim sentiment are rising, members of a west-central Missouri Islamic Center... More >>
15 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 11:14:00 AM CST in News
COLUMBIA - Schurz and McDavid residence halls on the University of Missouri's campus could close indefinitely after the 2016-17 school... More >>
15 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 10:57:00 AM CST in News
CLAYTON (AP) — St. Louis County police are searching for a man who allegedly tried to run over officers with... More >>
16 hours ago December 06, 2016 Dec 6, 2016 Tuesday, December 06 2016 Tuesday, December 06, 2016 10:16:00 AM CST in News
Columbia, MO
Broken Clouds 28°
3am 29°
4am 29°
5am 31°
6am 30°

Select a station to view its upcoming schedule:

Coming Up Next

2:07a
Today
3:00a
Mad Money
4:00a
Early Today
2:30a
Paid Program
3:00a
Paid Program
3:30a
Paid Program

Tonight's Schedule

7:00p
Hairspray Live!
9:55p
To Be Announced
7:00p
Arrow
8:00p
Frequency
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld