{"id":300,"date":"2018-09-06T00:23:08","date_gmt":"2018-09-06T00:23:08","guid":{"rendered":"http:\/\/renwre.info\/2018\/09\/06\/homeownership-is-a-dominant-gene\/"},"modified":"2018-09-06T00:23:08","modified_gmt":"2018-09-06T00:23:08","slug":"homeownership-is-a-dominant-gene","status":"publish","type":"post","link":"http:\/\/renwre.info\/?p=300","title":{"rendered":"Homeownership is a Dominant Gene"},"content":{"rendered":"
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\"Homeownership<\/p>\n

There are many things that factor into the decision to buy a home. New research<\/a> from the Urban Institute<\/em> suggests that one of those things may be inherited from your parents.<\/span><\/p>\n

Children are More Likely to Own a Home if Their Parents Did<\/strong><\/h4>\n

According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%! <\/strong><\/p>\n

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\u201cA young adult\u2019s odds of homeownership are highly correlated with their parent\u2019s homeownership. <\/em><\/p>\n

Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.\u201d<\/em><\/p>\n<\/blockquote>\n

The study also revealed that as a parent\u2019s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances<\/em> that a homeowner\u2019s net worth is 44x greater<\/a> than that of a renter.<\/strong><\/p>\n

So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.<\/p>\n

Below is a breakdown of the relationship between a parent\u2019s wealth and a millennial\u2019s likelihood to own a home.<\/p>\n

\"Homeownership<\/a><\/p>\n

The Good News:<\/strong> The high homeownership rate amongst baby boomers (likely the parents of many millennials)<\/em> is a great sign that millennials will want to own homes. We are already seeing this in the high-demand environment that we are currently experiencing in the starter and trade-up markets.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Even though millennials took longer than many of the generations before them to start home searches of their own, the data shows that they will not be waiting much longer!<\/p>\n<\/div>\n

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There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents. Children are More Likely to Own a Home if Continue reading Homeownership is a Dominant Gene<\/span>→<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/300"}],"collection":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=300"}],"version-history":[{"count":0,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/300\/revisions"}],"wp:attachment":[{"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=300"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}