FIT Blog

It’s National Homeownership Month. It’s the perfect time to say how proud the FIT Agency team is to be a part of the industry that makes homeownership a reality for so many Americans, especially those here in New Jersey.

“Homeownership serves as an enduring symbol of security and prosperity, and it provides many Americans with a legacy they can pass down to their children and grandchildren,” said HUD Secretary Ben Carson in a press release. “During National Homeownership Month, we recognize the abiding value of owning a home, and we rededicate ourselves toward helping hard-working families to find their place in the American dream.”

Not only do many Americans buy their homes as financial investment which they live in, their homes are also their biggest assets. The results from a recent survey by the Board of Governors of the Federal Reserve System revealed that for most Americans, their primary residence is, in fact, their largest financial asset. And it also showed that primary residences amounted to about one quarter of all assets held by all U.S. households in 2016.

What Is the Current Home Ownership Rate in America?

In the first quarter of this year, about 64.2% of Americans owned homes, based on statistics from the U.S. Census Bureau. The homeownership rate was highest, 78.5%, for Americans who were 65 and older and lowest, 35.3%, for those who were below the age of 35.

By race, homeownership was highest for non-Hispanic whites at 72.4%. The rate was second highest for Asians, Native Hawaiians and Pacific Islanders at 57.3 % and lowest for black households at 42.2%.

By region, homeownership was highest in the Midwest at 67.9%, followed by the South, 66.3%; Northeast , 60.5%, and the West, 59.7%.

Many Government Agencies and Organizations Offer Free Homeownership Resources

To encourage and educate aspiring home buyers, many state and private organizations offer free information and resources. These resources cover vary, but overall cover a wide range of topics from credit worthiness to managing a budget to home maintenance. Here are a few which you might want to check out if you’re a future home buyer.

• -Freddie Mac Homeownership Tutorial
• -The National Association of Home Builders (NAHB) Guide to Buying a Home
• -The U.S. Department of Housing and Urban Development (HUD)
• -eHomeAmerica – The Path to Homeownership

FIT Agency Is Celebrating National Homeownership Month this June!

FIT Agency provides comprehensive real property title and settlement services to realtors, lenders, attorneys, developers, government entities, and homebuyers and sellers. We are proud to provide personalized service by getting to know each client and working with them individually to achieve their goals. To learn more, contact us today.