As home builders and homeowners celebrate National Homeownership Month in June, the latest housing trends report from the National Association of Home Builders (NAHB) reveals that housing affordability expectations among prospective home buyers are improving.
“Homeownership is important because it is the primary source of wealth and financial security for many families,” said Michael Freiburger, president of BIAGC. “With relatively lower interest rates, compared to the fall of 2022, the dream of homeownership for families is within reach.”
According to NAHB’s trends report, the retreat in mortgage interest rates during the first quarter of 2023 led a record share of adults in the U.S. – 18 percent – to declare having plans to buy a home within a year. Lower interest rates in the first quarter of 2023 also pushed more first-time home buyers to enter the market. A majority (71%) of all prospective buyers reported this would be their first time buying a home, up from 61% in the final quarter of 2022.
“Many home owners count on their home equity to fund retirement and other important needs,” said Freiburger. “Builders are members of the community, and as such, we will continue to advocate for public policies that support affordable housing opportunities for all.”
For more information on homeownership opportunities in the local community, click the following link here. To learn about homeownership in Chicago, contact Chantel Beauregard at info@biagc.org.
