Young homeowners increase in the 2015 third quarter

4 years 3 months 2 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
JEFFERSON CITY - Members of the National Federation of the Blind of Missouri will spend two days at the capitol,... More >>
15 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 7:34:00 PM CST February 16, 2020 in News
COLUMBIA – Members of Rock Bridge High School’s Students Demand Action group hosted a forum Sunday where local leaders answered... More >>
16 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 7:07:00 PM CST February 16, 2020 in News
LACEDE COUNTY- One teen died and three others suffered injuries in a single-car-accident Saturday afternoon. The driver of the... More >>
17 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 5:48:00 PM CST February 16, 2020 in News
VIENNA- On Thursday, February 13, Task Force Officers, Vienna Police Department, and the Maries County Sheriff’s Office executed a search... More >>
18 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 4:43:00 PM CST February 16, 2020 in News
ST. LOUIS COUNTY (AP) — Two teenagers have been arrested in connection with a fatal shooting last week, and authorities... More >>
19 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 4:00:00 PM CST February 16, 2020 in News
HALLSVILLE- A house fire broke out off North Frink Road Sunday afternoon. Firefighters found a fire in the attic... More >>
20 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 2:19:00 PM CST February 16, 2020 in News
CAMDEN COUNTY — Linn Creek, Missouri Police Chief Greg Berry was arrested Saturday afternoon by the Missouri State Highway Patrol.... More >>
23 hours ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 11:32:00 AM CST February 16, 2020 in Top Stories
COLUMBIA — Two women were seriously injured after head-on collision between a Prius and a semi-truck early Sunday morning, according... More >>
1 day ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 10:41:00 AM CST February 16, 2020 in News
COLUMBIA - A new route and a new bus shelter will be added at the intersection of Rice Road and... More >>
1 day ago Sunday, February 16 2020 Feb 16, 2020 Sunday, February 16, 2020 10:00:00 AM CST February 16, 2020 in Top Stories
COLUMBIA - Thousands of people and more than 300 gallons of chili filled the Expo Center Saturday for the 15th... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 7:50:00 PM CST February 15, 2020 in News
COLUMBIA — Runners braved the cold weather Saturday morning for the R.A.M.S 5K. R.A.M.S is a nonprofit MU organization... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 6:44:00 PM CST February 15, 2020 in News
FESTUS (AP) — Police in eastern Missouri say a 73-year-old man has been shot to death, and his 42-year-old son... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 5:28:00 PM CST February 15, 2020 in News
COLUMBIA - One of Missouri State Highway Patrol's vehicles was struck by a semitruck late Thursday night. MSHP shared... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 4:44:00 PM CST February 15, 2020 in News
COLUMBIA - Don Allard, who served as Columbia’s city manager for 12 years, died Wednesday in Arvada, Colorado, after a... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 4:10:00 PM CST February 15, 2020 in News
COLUMBIA - Four candidates are running for three open seats on the Columbia School Board. Although there are less... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 3:41:00 PM CST February 15, 2020 in News
JEFFERSON CITY - Local nonprofit Building Community Bridges held its monthly community day Saturday afternoon. Saturday's event had a... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 3:00:00 PM CST February 15, 2020 in News
CAPE GIRARDEAU (AP) — A jury has awarded $265 million in punitive damages to a Missouri peach grower who sued... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 2:41:00 PM CST February 15, 2020 in News
COLUMBIA -The mid-Missouri Harley-Davidson hosted its monthly event today to raise money for the Juvenile Diabetes Research Foundation. The... More >>
1 day ago Saturday, February 15 2020 Feb 15, 2020 Saturday, February 15, 2020 2:36:00 PM CST February 15, 2020 in News
Columbia, MO
Broken Clouds 44°
12pm 49°
1pm 51°
2pm 52°
3pm 54°