Tuesday, March 17, 2015

Regional First Time Home Owners: 1980 to 2010

First time home owners are cited by several sources (California Association of RealtorsRealtor.org, and Demo Memo to name a few) as typically being people in their late twenties to early thirties. At present this would be the Millenial Generation.

Below is a graphic showing the percent of people age 25 to 34 that were homeowners in 1980, 1990, 2000, and 2010 (based on the 2012 Five Year ACS estimates). As you can see there has been a decline in homeownership among the age group typically seen as comprising first time buyers - namely those between 25 and 34 years of age. Less than half of young adults currently own a home, versus as many as 54% from this age grouping that owned homes back in 1980.