U.S. Housing Statistics that May Surprise You
June is National Homeownership Month
If you own your home or are looking to become a homeowner, this month is for you! President George W. Bush designated June as National Homeownership Month in 2002 in an effort to help more families “achieve the American Dream.” The month focuses on providing the resources and information Americans need to purchase homes, including down payment assistance, tax incentives and more. As these initiatives continue, it’s interesting to see how housing statistics change from year to year.
Housing statistics: 2016 and 2017
We’ve compiled some U.S. housing data that highlight the state of homeownership in the United States over the last two years. The 2017 housing market saw some positive growth in comparison to 2016, but homeowner characteristics remained relatively unchanged.
Some of the most interesting stats were around the total number of homes sold. For example, did you know that more than 5 million existing homes were sold in 2017? That’s more than sold in 2016, which had the best sales numbers in that 10-year span. New construction numbers also grew last year, with 52,000 more newly constructed homes sold than in 2016.
Take a look at these other housing statistics — some of them may surprise you!
- 88% of home buyers financed their purchase in 2017; 86% financed in 2016
- 35% of home buyers were first-time buyers in 2017; 32% were first-time buyers in 2016
- 66% of home buyers were married couples in 2017; 67% were married couples in 2016
- The average square footage of single-family homes sold was 2,645 ft2 in 2017 and 2,650 ft2 in 2016
- Half of all houses sold in 2017 and 2016 had four or more bedrooms
Resources for homeowners
Whether you’re buying your first home or looking for ways to decorate your space, these tips and guides will walk you through the process: