{"id":2475,"date":"2018-09-05T10:00:50","date_gmt":"2018-09-05T10:00:50","guid":{"rendered":"https:\/\/thezakariagroup.com\/homeownership-is-a-dominant-gene\/"},"modified":"2018-09-05T10:00:50","modified_gmt":"2018-09-05T10:00:50","slug":"homeownership-is-a-dominant-gene","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/homeownership-is-a-dominant-gene\/","title":{"rendered":"Homeownership is a Dominant Gene"},"content":{"rendered":"
\n

\"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

\n

\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

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

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 Their Parents Did According to an analysis of millennial homeowners, the homeownership rate of those […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,109,111],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHomeownership is a Dominant Gene - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/homeownership-is-a-dominant-gene\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homeownership is a Dominant Gene - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"There are many things that factor into the decision to buy a home. 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