In the recently released Report on the Economic Well-Being of U.S. Households by the Federal Reserve Board, 76% of adults reported “doing okay” or “living comfortably financially” at the end of 2019. The percentage was unchanged from 2018 and was 13 percentage points higher than when the survey began in 2013. Other surveyed items include income, employment, dealing with expenses, banking and credit, housing, education, and retirement.
The report showed how homeownership is closely intertwined with a household’s finances. Though nearly two-thirds of adults owned their homes, homeownership rates varied by age, race and location. Homeownership rates generally tended to rise with age. The report revealed that 26 percent of 18-to-29-year-olds owned their homes compared with 85 percent of people age 60 and older, as young adults were more likely to live with parents to save money. Similar analysis had been done by NAHB based on the results from Census Bureau’s Housing Vacancy Survey (HVS).
White adults had higher homeownership rates than black and Hispanic adults. 71 percent of white adults owned their homes, compared with 48 and 50 percent of black and Hispanic adults. Moreover, rural residents were more likely to own their homes compared with people living in other areas. 31 percent of rural residents owned homes without mortgages, compared with 20 percent of urban residents.
