Young homeowners increase in the 2015 third quarter

1 year 9 months 3 weeks ago Thursday, October 29 2015 Oct 29, 2015 Thursday, October 29, 2015 7:03:00 PM CDT October 29, 2015 in News
By: Lauren Groppenbacher, KOMU 8 Reporter
loading

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 - The Powerball jackpot has reached its' second highest total in history, estimated at $700 million, which someone could... More >>
14 minutes ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 2:30:00 PM CDT August 23, 2017 in News
COLUMBIA - Columbia police are looking for the man they say fired shots at a vehicle. Investigators say a... More >>
18 minutes ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 2:26:43 PM CDT August 23, 2017 in News
CUBA, Mo. (AP) — A Native American tribe in Oklahoma is hiring lobbyists in its bid to open a casino... More >>
28 minutes ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 2:16:26 PM CDT August 23, 2017 in News
ST. LOUIS (AP) — Three people are recovering from injuries after strong turbulence forced a regional airline plane to divert... More >>
39 minutes ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 2:05:07 PM CDT August 23, 2017 in News
ST. LOUIS (AP) — Just months after dismantling a Confederate memorial, the city of St. Louis has torn up a... More >>
1 hour ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 1:04:28 PM CDT August 23, 2017 in News
JEFFERSON CITY (AP) — There's a new website aimed at providing sexual harassment resources to interns following past allegations... More >>
2 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 12:37:57 PM CDT August 23, 2017 in News
JEFFERSON CITY (AP) — Missouri Governor Eric Greitens says if a state lawmaker who expressed hope on Facebook that... More >>
2 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 12:25:00 PM CDT August 23, 2017 in News
AURORA (AP) - A former Aurora school superintendent is no longer facing a misdemeanor charge of failing to report child... More >>
3 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 11:23:00 AM CDT August 23, 2017 in News
HILLSBORO (AP) — Authorities say an eastern Missouri woman who is charged with fatally shooting her sleeping boyfriend told investigators... More >>
3 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 10:54:00 AM CDT August 23, 2017 in News
BOONE COUNTY - Deputies arrested a man on Tuesday on suspicion of sexually assaulting an underage female in June. ... More >>
5 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 9:39:00 AM CDT August 23, 2017 in News
The Powerball jackpot climbs to $700 million, giving players a chance to dream of winning the second-largest lottery prize in... More >>
6 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 8:13:00 AM CDT August 23, 2017 in News
STEPHENS - Boone County Pay It Forward , a popular local Facebook group, will host its Basic Needs Fundraiser at... More >>
6 hours ago Wednesday, August 23 2017 Aug 23, 2017 Wednesday, August 23, 2017 8:09:00 AM CDT August 23, 2017 in News
COLUMBIA - Gov. Eric Greitens' surprising decision Tuesday to stay the execution of Marcellus Williams put a spotlight on executions... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:26:00 PM CDT August 22, 2017 in News
COLUMBIA - In an era in which brick and mortar retail stores are falling by the wayside, Columbia's I-70 Business... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:22:00 PM CDT August 22, 2017 in News
JEFFERSON CITY (AP) — Missouri Republican Gov. Eric Greitens is holding a question-and-answer session on Facebook. The governor will... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:17:00 PM CDT August 22, 2017 in News
COLUMBIA – The Missouri Poison Center said snake bites are up this year compared to last. From January to June... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:10:00 PM CDT August 22, 2017 in News
JEFFERSON CITY - A dozen protestors dropped off a petition with 200,000 signatures to Gov. Eric Greitens' office Tuesday urging... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 7:00:00 PM CDT August 22, 2017 in News
COLUMBIA - The Roots N Blues N BBQ Festival teamed up with Columbia Parks and Recreation to provide free tickets... More >>
19 hours ago Tuesday, August 22 2017 Aug 22, 2017 Tuesday, August 22, 2017 6:55:00 PM CDT August 22, 2017 in News
Columbia, MO
Broken Clouds 77°
3pm 78°
4pm 79°
5pm 79°
6pm 78°

Select a station to view its upcoming schedule:

Coming Up Next

2:00p
The Dr. Oz Show
3:00p
Dr. Phil
4:00p
Jeopardy!
2:30p
Judge Alex
3:00p
The Robert Irvine Show
4:00p
Cops Reloaded

Tonight's Schedule

7:00p
America's Got Talent
8:01p
Marlon
8:30p
Marlon
9:00p
Law & Order: Special Victims Unit
7:00p
Arrow
8:00p
Supernatural
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld