Monday, August 12, 2013
Challenges of Homeownership for the Young
Utah has the nation’s youngest population, therefore it probably has one of the higher percentages of young people who are trying to become homeowners. Utah needs its young people to be looking toward and being aggressive in a pursuit of homeownership. The construction industry is much dependent upon the population’s desire for additional homes in Utah. This article points to many of the challenges that young homeowners face in the wake of the recent economic downturn.
U.S. News and World Report
“One impact of the housing crisis and the Great Recession was a significant decline in the national homeownership rate. Falling from 69.2 percent in the middle of 2004, the homeownership rate stands at 65 percent as of the second quarter of 2013 according to Census data. However, the decline in homeownership is particularly concentrated among younger households. This fact presents distinct public policy and economic challenges, particularly with respect to tax and finance rules that govern the cost of buying a home with a mortgage.” Read more