Key takeaways:<\/p>\n
Never have we spent so much time in our homes. Median prices are at their highest level in generations. A supply shortage and interest rates that are on the floor \u2014 and likely to stay there for some time<\/a> \u2014 mean prices continue to rise. The national median home sale price<\/a> is up roughly 58% since 2009 to $313,200. In the last decade, as prices rose, home ownership rates slowly declined. In 2016, the homeownership rate in the U.S.<\/a> was 62.9%, the lowest level since 1965. Four years later, the home ownership rate neared its peak reached before the housing crisis, 67.9%, with much of the uptick being driven by cheap borrowing costs. However, the pandemic has caused rates to fall back to 65.8% as of Q4 2020.<\/p>\n