At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates were up from last month at 4.76 percent this January, and up 11.5 percent compared to 4.27 percent a year ago.
Financial literacy is the “ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”
Financial literacy is an important determinant of homeownership because it affects savings behavior.
The U.S. rental vacancy rate edged slightly higher to 7.1 percent in 2018 Q3, but this is still below the 7.5 percent vacancy rate in 2017 Q3.
Let’s take a look at important financial literacy indicators and how a low level of financial literacy may be contributing to the current wealth gap, the variation in homeownership among ethnic groups, and the importance of financial literacy in addressing these issues.
REALTORS® reported that seller traffic weakened in January 2019 compared to conditions one year ago.
REALTORS® responding to a January 2019 survey expect home prices to typically appreciate in the next 12 months at modest pace of two percent on a national scale.
First-time buyers accounted for 29 percent of sales (29 percent in January 2018).
Homebuying activity was essentially unchanged in January 2019 compared to one year ago.
In the spirit of President’s Day, we can use data from the 2018 Profile of Home Buyers and Sellers to see how the typical home differs from the White House.