The US homeownership rate rose to a 6-year high in Q-4, led by gains among young people and low-income Americans.
The nationwide rate was 65.1%, the biggest since the end of Y 2013, according to a US Census Bureau report Thursday. It was the 2nd straight increase, climbing from 64.8% in the prior 3 months and a year earlier.
Falling mortgage rates are helping to ease affordability constraints that have kept renters from becoming homeowners. After a slowdown early last year, the sales market is hot again. Purchases of previously owned US homes rose in December to the best pace in almost 2 years.
The sales surge is turning more young people and minorities into property owners.
Black homeownership was the highest since Y 2012, the census data show. The rates for Americans under age 35 and for those earning less than the median income were the highest since Y 2011.
Thursday, the major US stock market indexes finished at: DJIA +124.99 at 28859.35, NAS Comp +23.77 at 9298.95, S&P 500 +10.26 at 3283.66
Volume: Trade on the NYSE came in at 880-M/shares exchanged
- NAS Comp +3.6% YTD
- S&P 500 +1.6% YTD
- DJIA +1.1% YTD
- Russell 2000 -1.2% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish in here.
Looking ahead, investors will receive the following reports Friday: Personal Income and Spending for December, the Chicago PMI for January, the Employment Cost Index for the fourth quarter, and the final University of Michigan Index of Consumer Sentiment for January.