NAHB NEWS Younger Households More Likely to Have Auto Loans than Mortgages H omeownership provides a distinct advantage for wealth accumulation. Although many households desire to purchase a home, the share of households living in owner-occupied housing remains low, following a steep decline associated with the Great Recession. Younger households, those under the age of 35, experienced the biggest declines in homeownership, although recent evidence suggests that the homeownership rate among these households is rising. In contrast, analysis of the Survey of Consumer Finances (SCF) indicates that younger households are more likely to take out auto loans to purchase cars, leading to a faster recovery in auto ownership than homeownership. This is also reflective of the relative ease of obtaining auto debt relative to mortgage debt. While the incidence of auto loan debt among younger households has returned to more normal levels through 2016, the share of younger households with home mortgage debt remained low. Across all households in 2016, the share of families with home mortgage debt (42%) exceeded the percentage of households with auto loan debt (34%). As illustrated by the figure above, while this difference held true for age categories 35 and above, families where the head was under the age of 35 were more likely to have auto loans than home mortgage debt. Read More MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE. Deep community roots. Unrivaled market knowledge. Unmatched customer service. When a bank builds its commercial banking team around the values that truly make a difference in helping your business grow and prosper, that’s more than banking. That’s changing the way you bank. Talk to us today. Visit bankatunited.com/commercial From left to right: Lisa Stuard, Mark Hubina, Maureen Hanley, Gregory Pastor, Kim Karl and Kathryn Eren. Housing Starts Rise 1.9 Percent on Multifamily Surge G ains in multifamily production pushed overall housing starts up 1.9 percent in March to a seasonally adjusted annual rate of 1.32 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department Multifamily production rose 14.4 percent to a seasonally adjusted annual rate of 452,000 units—its highest reading since December 2016. Meanwhile, singlefamily starts fell 3.7 percent to 867,000 units. Read More Proud to support the HBRA. 866.959.BANK (2265) | bankatunited.com NMLS# 430007 | Member FDIC | Equal Housing Lender 24 HBRA of Fairfield County | APRIL 2018
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