Whether you purchase property is strongly influenced by whether your parents did, new study from Truila says
By Marian McPherson | Inman
- Trulia released its latest study about homeownership trends. The study, entitled “Family Tradition: Kids Are More Likely to Own a Home If Their Parents Did,” delves into the influence of parents on their children’s renting and buying practices.
- According to the study, children are three-times more likely to buy a home if their parents were homeowners.
- According to Trulia, this revelation could explain weak millennial homeownership rates. Millennials, ages 19 to 34, are less likely than people of other generations to have grown up in a home owned by their parents.
- This study is on the heels of the lowest homeownership rate (62.9 percent) since 1965. This is part of a continuing decline that started in 2005.
There’s no question that fewer people are buying homes today than they did over the past few decades. The Census Bureau released a preliminary national Q2 2016 homeownership rate — 62.9 percent, the lowest recorded since 1965.
