The recession is now ten years in the rearview mirror.
And, in some ways, Virginia is just now pulling itself out of it.
Virginia’s homeownership rate is finally going up, a milestone that comes a decade after the mortgage crisis that shook the global financial order. Laura Goren at the Commonwealth Institute says Virginia is just now seeing the first significant increase in homeownership since the housing crisis.
“It may be a result of people being more confident in the economy and in their continued employment and also is likely a reflection of the low mortgage rates that occurred during most of 2017,” Goren says.
Hamilton Lombard at the University of Virginia says it’s a little bit of a mixed bag. “It’s a little tricky because the amount of people starting new households, typically young adults isn’t really growing at all. The percent of 18 to 34 year olds who live with their parents or older relatives rose to over 45 percent."
Lombard also says one of the main drivers of the increase in homeownership is that Virginia’s population is aging, and an older population is more likely to own rather than rent.