The results of a survey published by the nation’s central bank looks at homeownership variances by demographics.
More than three-quarters of U.S. homeowners indicate that they are satisfied
with their house and their neighborhood.
But for renters, the share is much smaller — with just 58 percent indicating that
they are mostly or completely satisfied.
Those were just some of the findings from the Federal Reserve Board’s Report on the Economic Well-Being of U.S. Households in 2015.
“This may reflect differences in the houses and neighborhoods where owners live relative to renters, as well as differences in the psychological commitment to a house and neighborhood required for someone to decide to purchase a given home,” the report stated.
Among people who are between 18 and 24 years old, just a 10th own a home.
The share of homeownership jumps to 81 percent for people older than 60. The homeownership rate progressively rises for those in between the two age groups.
Homeownership is 39 percent for people who earn less than $40,000. It climbs to 73 percent for those who earn between $40,000 and $100,000, and is nearly 86 percent for those who earn over $100,000.
While 68 percent of white consumers are homeowners, only 48 percent of black consumers own a home, and just 47 percent of Hispanics are homeowners.
Among all people who own a home, two-thirds have a mortgage.
In general, homeowners in lower-income areas are less likely to believe their home has appreciated in value during the prior year than those who are in higher-income neighborhoods.
Forty-three percent of all homeowners expect local prices to rise over the next year. But this share climbs to 58 percent
in the Pacific region.
Among all survey respondents, 9 percent expect to buy a home in the following year. The share rises to 16 percent for just renters.
