Young Families Are Buying Homes Again

In the Washington Post, Andrew Van Dam notes that renters suddenly started becoming home buyers again in 2016. He says the primary change came among young families:

It is now apparent demographic pressure had been building since the housing crisis. Millennials were hitting the age at which previous generations began buying homes, but had put off home-buying due to slow earnings growth, a tepid labor market and soaring student loan debt….In 2016, Millennials finally began to surmount the obstacles that sat between them and homeownership.

Naturally that made me curious. So here’s the homeownership rate since 2000 for three different age cohorts:

Millennials have indeed started buying houses again. Since the trough in their homeownership rate in mid-2016, homeownership has risen by 7 percent. Younger Gen Xers have increased their homeownership rate by about 5 percent, while older Gen Xers have gone up by only 1 percent.

Homeownership rates are still below their average of the past 25 years but are clearly making a comeback. Anecdotally, new homes and condos seem to be everywhere I look here in suburban Orange County. The only question is whether the economic good times can last long enough for young workers to make up what they lost in the Great Recession.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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