Across All Buyers, Millennials Have the Most Purchases

Across All Buyers, Millennials Have the Most Purchases

RECBL - Real Estate News

In housing, generations intersect regularly. Who’s downsizing? Who’s driving the market? Who’s trading up?

What generation is impressing on the market most today? Millennials, according to the 2018 Home Buyer and Seller Generational Trends study, recently released by the National Association of REALTORS(R) (NAR). Millennials are accounting for 36 percent of purchases, ahead of baby boomers at 32 percent, Generation Xers at 26 percent, and the Silent Generation at 6 percent.

"REALTORS(R) throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy," says Lawrence Yun, chief economist at NAR, of the study. "Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused-and will continue to cause-many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction picks up significantly."

Millennials are buying homes with higher values, but the same square footage: $220,000 for 1,800 square feet, versus last year’s $205,000 for the same size, reveals the study. They are close to family and friends, as well, and prefer to reside near them-an attribute in common with other generations.

"The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages," Yun says. "Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family."

Additionally, 52 percent of the millennials in the study have at least one child-an indicator of the likelihood of a move-and another 52 percent purchased in the suburbs. Eighty-five percent purchased a single-family; just 2 percent went with a condominium.

"While there is an overall trend among households young and old to migrate towards urban areas, the very low production of new condos means there are few affordable options for buyers, especially millennials," says Yun.

All generations enlisted a real estate professional for their transaction, according to the study. Ninety percent of millennials are most likely to purchase through a REALTOR(R), with 75 percent believing they can educate them about the process. Ninety percent of millennials are most likely to list with a REALTOR(R), as well, and at least 84 percent of every other generation partnered with a REALTOR(R).

"Especially in today’s fast-moving housing market, consumers of all ages want a REALTOR(R) to guide them through the exhilarating, yet nerve-wracking experience of buying or selling a home," says NAR President Elizabeth Mendenhall.

For more information, please visit www.nar.realtor.​



Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.




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5 Great Cities for Millennial Homebuyers

5 Great Cities for Millennial Homebuyers

RECBL - Real Estate News

(TNS)-For millennials who are ready to become homeowners, finding an affordable house in a great community can be challenging. With housing inventory historically low, real estate in major metro areas is at a premium. It’s no surprise, then, that young buyers are moving to the suburbs, according to the 2017 Home Buyer and Seller Generational Trends Report by the National Association of REALTORS(R).

Among millennials surveyed, 57 percent bought a house in the suburbs, spending an average of $205,000. Meanwhile, only 12 percent bought in an urban or central city. Affordability, convenience to work and neighborhood quality were among the top requirements for these buyers.

Using this information, we identified five cities that offer some combination of affordable housing, economic growth, job opportunities, proximity to major metro areas and recreational activities.

Great cities for millennial homebuyers:

• Lancaster, Pa.
• Columbus, Ohio
• Garner, N.C.
• St. Petersburg, Fla.
• West Des Moines, Iowa.

Lancaster, Pa.
Population: 59,218
Median value of housing: $109,300

One of the oldest inland cities in the country, Lancaster boasts unique features, such as the countrys oldest continuously running farmers market. It’s also home to an established arts community and a network of independently owned businesses.

There are a number of homes available in Lancaster, including new construction. There were 200 new housing units built in Lancaster in 2017. This year, the city is on track to add 125 more, according to Marshall Snively, president of Lancaster City Alliance.

"In the last 10 years, weve had more than $1.5 billion in public and private investment, including residential development, and more is on the table," Snively says.

Nestled between Harrisburg and Philadelphia, Lancaster is a good option for people who want to work in one of these larger cities but own in a more affordable location. Residents can take a train to Harrisburg in less than 35 minutes, and trains into New York City take about two-and-a-half hours.

Local businesses abound, so many residents don’t have to look beyond the city for jobs. Medical center Lancaster General Health has a network of 300 physicians and more than 3,600 employees. Fulton Bank, one of the region’s most prominent financial institutions, is headquartered in Lancaster.

The city has a strong arts culture, which supports a variety of vintage and antique stores, as well as outdoor markets and performing arts. Gallery Row downtown consists of three blocks of galleries, restaurants and retail.

Columbus, Ohio
Population: 860,090
Median value of housing: $131,800

You can own a home in Columbus without breaking the bank. Even in some of the more expensive neighborhoods, like Harrison West, you can find three-bedroom, two-bath homes for under $250,000.

Columbus supports many industries, including healthcare, education, finance, manufacturing, retail and technology. Columbus largest employer, the Ohio State University, has more than 30,000 full-time workers. Nationwide Insurance is also headquartered here, with about 13,000 full-time employees.

Columbus offers amenities for just about everyone. Kayakers can enjoy Columbus waterways, like Big Darby Creek, Griggs Reservoir and the Scioto River. There are also miles of bike trails and thousands of acres of parkland to hike.

Nightlife includes comedy clubs and live music venues, as well as hundreds of restaurants. Additionally, there are many large-scale attractions, like the Center of Science and Industry as well as the Columbus Zoo and Aquarium.

Garner, N.C.
Population: 28,776
Median value of housing: $164,800

This small town is about six miles south of Raleigh and is also near the Research Triangle, which includes Duke University, North Carolina State University and the University of North Carolina at Chapel Hill.

For people who work in any of these areas, Garner offers more affordable housing than some of the other nearby communities.

Garners business landscape is a mixture of information, utilities, retail and public administration. Companies like Butterball and Direct Distributors are headquartered in Garner. The median household income in Garner is $59,812, above the national median of $57,617, according to Census data.

Outdoor enthusiasts will appreciate Garners 1,200 acres of parkland and open space. White Deer Park offers bikers, runners and walkers two miles of paved trails, playgrounds, an arboretum and a 2,500-square-foot nature center.

Garner also has a mix of chain stores, shopping plazas and locally owned businesses. Local watering holes, like The Beerded Lady, offer a place for residents to see live music.

St. Petersburg, Fla.
Population: 260,999
Median value of housing: $154,800

St. Petersburg has rejuvenated its downtown, which is home to a mixture of business offices, residential property, restaurants and entertainment.

The Gulf Coast city boasts more than a dozen companies that employ over 1,000 people, including HSN, Raymond James Financial and Jabil Circuit, in addition to many other mid- and small-sized companies.

Mayor Rick Kriseman, who was just recently awarded the 2018 Small Business Advocate award by the U.S. Conference of Mayors for his commitment to small businesses, said that creating opportunities for young people is a top priority for St. Petersburg. The city’s Grow Smarter initiative developed by the city and the Chamber of Commerce to assess, develop and create programs to grow the local economy is an example of that focus.

"We are working hard to ensure we are an inclusive and welcoming city where people of all ages can grow and thrive," Kriseman says. "We are specifically aiming to bolster and support our population of young professionals, as their skills and interest align well with our Grow Smarter economic development strategy."

St. Petersburg is home to world-class museums, such as the Salvador Dali Museum and the Fine Arts Museum, as well as chefs honored with James Beard awards, including Lauren Macellaro of The Reading Room.

The city hosts events like the Firestone Grand Prix and is home to the Tampa Bay Rays baseball team.

West Des Moines, Iowa
Population: 64,560
Median value of housing: $195,500

West Des Moines borders Des Moines to the west, about eight miles from Des Moines International Airport. This small city reaps the benefits of the booming financial and publishing industries in Des Moines while retaining a grass-roots community.

"What we’re seeing is that a lot of young people are buying in our older neighborhoods," says Clyde Evans, director of Economic Development for West Des Moines. "They’re fixing up houses from the 60s, 70s and 80s. Its affordable for them to do that here."

Finance and insurance companies, including Wells Fargo, Farm Bureau and Athene, are located in West Des Moines. Small businesses also make up a large part of West Des Moines economy, adding to the 2,800 businesses in the city, according to the West Des Moines Chamber of Commerce. West Des Moines is only 11 miles east of Waukee, the future home of Apples $1.375 billion data center announced last year.

West Des Moines has a variety of restaurants and shopping destinations, including Jordan Creek Town Center and Valley West Mall. There are also microbreweries for beer connoisseurs, like locally owned Twisted Vine.

The 632-acre Raccoon River State Park offers an array of activities like fishing, boating and even swimming along the 500-foot beach, which is part of Blue Heron Lake. There’s also an extensive network of almost 50 miles of greenway trails, park trails and side paths.

(C)2018 Bankrate.com
Distributed by Tribune Content Agency, LLC





Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at jason@cashbuyerslists.com.







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The Hottest Housing Markets This Year

The Hottest Housing Markets This Year

RECBL - Real Estate News

The US housing market has regained its momentum.

About half of all homes in the country are worth as much or more than they were in April 2007, during America's most recent housing boom, according to data from Zillow.

But some real estate markets are really on fire, with quickly rising home values and rental prices, increasing populations, low unemployment rates, steady income growth, and strong job opportunities, according to Zillow's latest housing report.

Below, check out the top 10 hottest real estate markets in America for 2018, along with median home values and rent prices, median household income, and projected year-over-year growth.

1. San Jose, Calif.
2. Raleigh, N.C.
3. Seattle, Wash.
4. Charlotte, N.C.
5. San Francisco, Calif.
6. Austin, Texas
7. Denver, Colo.
8. Nashville, Tenn.
9. Portland, Ore.
10. Dallas, Texas

Analysts based the list off the Zillow Home Value and Rent Forecast, which is the change projected in the Zillow Home Value Index (ZHVI) and the Zillow Rent Index (ZRI) for the coming year, as well as employment, income and population statistics from Glassdoor.

"This list shows that just because a market is smaller or more affordable doesn’t mean it isn’t dynamic," says Aaron Terrazas, senior economist at Zillow. "Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities in healthcare and finance, while providing a less-expensive, but still-convenient alternative to the larger and pricier markets in the Northeast. The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area. The higher cost of living in these areas is offset to a large degree by well-paying tech jobs."

Across the top 10, analysts anticipate home values will increase between 3 and 8.9 percent in the next year-8.9 percent in San Jose, and 3 percent in Denver. The complete forecast:


For more information, please visit www.zillow.com.



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Inside the Mindset of Gen X Buyers

Inside the Mindset of Gen X Buyers

RECBL - Real Estate News

Not to be overshadowed by the recent focus on millennial and boomer homebuyers, Generation Xers are making something of a buying comeback in today’s real estate market. Here’s why this trend is significant.

Members of Generation X (ages 37-51) have been somewhat sidelined when it comes to coverage of the social and financial impacts of the different generations. But recent studies are finding that those who came of age in the 80s and 90s represent a higher percentage of new homebuyers than in years past and are gaining a noted foothold in the real estate market.

Coming of age in the real estate market
According to industry sources, millennials are the generation buying the largest share of property at 35 percent.

Following right behind, however, are members of Gen X, accounting for 28 percent of home purchases-up from 26 percent last year.

Forbes reports that the increase in home purchases by Generation X is especially significant in that this sector has the highest average amount of student debt among the generations-$30,000-compared to an average balance of $25,000 for millennials. Industry sources also report student loans are a contributing factor as to why Gen Xers delay buying a home longer than their millennial counterparts.

What are they looking for?
According to industry sources, the following factors might influence the real estate comeback among Gen Xers. These factors may also help determine the kinds of homes these buyers are looking for.

Members of Gen X are typically:

• In their peak earning years
• The generation making the most money, with a median annual income of $106,600
• More likely to have families
• The largest generation with kids still living at home

While they may have taken longer to purchase homes, the generation in between the famed boomers and millennials is on its way to a real estate comeback. With more income and more children living at home, Generation X may be looking for bigger homes at a higher price point to accommodate their family and lifestyle needs.

Although millennials and boomers continue to generate coverage as buyers and sellers in the real estate market, the middle generation, Gen X, is coming into its own and is at its peak as more members join the ranks of American homeowners.

Source: HSA Home Warranty

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5 Steps to Win the Negotiation Battle

5 Steps to Win the Negotiation Battle

RECBL - Real Estate News

We’ve all been there. Whether it’s negotiating a deal, a repair request or price, both sides are at an impasse. What’s your next step?

Agents recall themselves being in this situation many times, and have been tempted to simply kill the deal. But ultimately, the goal is to put the client’s interests ahead of our own interests and feelings and to create a win-win-win scenario. Are you capable of doing this, or does your temper get the best of you?

To make sure you can avoid the loss of temper and ultimately the deal, here are five ways to win your next negotiation.

1. Take a deep breath and walk away from the computer or phone and change your mind set. Get back on the phone or send an email asking the other agent what would make the deal work for his or her clients. This change in mindset may be enough to win your way into working out the deal.

2. Consider being a bit more transparent to the other agent. The conversation may go something like this: "I wanted to open up and let you know that this is a tough one for me. My buyers/sellers see things a little differently, and I’m simply trying to live up to their expectations. Can you help me out?" By telegraphing the fact that you’re being transparent and not giving away too much information, you may shift the negotiations back into your favor.

3. Try to get into the other agents head by asking for their thoughts. A perfect example is a deal I’m currently working on. We have an appraisal problem, and there’s a difference of $23,000 between the contract price and appraisal. I had a heart-to-heart with the buyer’s agent and found out that his buyer agrees with the contract price, but doesn’t have the money to come up with the difference. I also learned that the buyer is a widower and has four kids. That gave me enough information to go back to my seller and explain what the buyer is up against. They’re considering a price drop of $10,000 in an effort to meet the buyer halfway.

4. In a tough deal with an agent you’ve never worked with, your goal should be to create the same feeling you get when working with a friend or agent you’ve had a good cross-sale experience with. How? Social media. The goal is to learn as much about the other agent as possible. Maybe you have friends in common or attend similar types of social events. Making a connection like you would with the client could help you win the negotiation.

5. Slow the negotiations down. Instead of getting back to the other agent in an hour, wait until the next day (unless you’re under deadline). This helps keep the momentum on your side and timetable. It may not mean much to you, but if you tell your client what you’re doing and prepare them for the slowdown, the other side is caught off guard. The other agent may not care or have a clue what’s going on, but the other agent’s client may start having second thoughts. It may be enough to move the other agent’s client to a different position.

Bob Sokoler is the owner of a team in Louisville, Ky., which has ranked No. 1 in the city for sales volume six years in a row. His team sold more than 404 properties in 2016, and more than 340 properties in 2015. Contact him at Bob@WeSellLouisville.com.

For more information, please visit www.workmansuccesssystems.com.

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Must-Have Tools Every Real Estate Professional Should Have

Must-Have Tools Every Real Estate Professional Should Have

RECBL - Real Estate News

From virtual tools to tangible gadgets, there are some things every real estate professional should have on hand at all times. Learn which ones can help carry you to success, from a vibrant online presence and abundant, accessible internet file storage to the right mobile apps and more. New technology has made it easier than ever for real estate professionals to help keep up with the latest industry trends, schedule and track meetings, connect with clients instantly and resolve customer service issues swiftly-and that's just a sampling of the offerings available to make business less of a chore.

On the Road: Think about all the time you spend in your car, driving back and forth from showings to open houses to client meetings. In fact, you probably spend so little time in your office that being prepared for any and all business dealings while you’re on the road is a smart move. Here are the latest tools that will serve you well and make every on-the-go minute count:

Maximize voicemail, minimize effort with Slydial. Need to get in touch with a client, but only have a couple of minutes before your next appointment? Simply dial 267-SLYDIAL. After the prompt, dial your clients phone number and you’ll be sent directly to their voicemail.

Stay safe on the road while responding to new leads. We all know texting and driving is not the best course of action, but, admittedly, it’s tempting to try and work while driving. Your solution? DriveSafe.ly. This ingenious app will read your text messages and emails aloud while you drive. When you get in your car, activate the app, toggle it off when you exit.

Track your mileage with Mile IQ. This mobile app helps you stay abreast of your mileage for reimbursement or tax purposes.

Store receipts and business cards in Shoeboxed. This app avoids paper clutter by allowing you to scan a variety of materials from your phone or computer and documents them in a secure online account. What’s more, for less than $10, you can mail in an envelope full of receipts, and the app will scan, upload and shred the originals!

Scan documents with your phone with TurboScan. Need to submit a document but you’re away from your office? With TurboScan, you can scan a variety of documents and reports on the go.

Your mobile office is complete with EuroSmartz. Connect to any Wi-Fi, Bluetooth or network printer with an app that allows you to access your Google Docs and print them from any location.

The following "basics" are worth remembering: A USB mobile device charger - A necessity, as none of your mobile devices will work without "juice." These devices are inexpensive-often less than $10, a small price to pay for not having to worry that your phone or tablet will fizzle out during an important transaction.

GPS navigation and paper maps - You probably already have a GPS on your smartphone, but consider using a dashboard GPS, as well. It’s easier to view, which could save you time when navigating unfamiliar territory. And, just in case technology fails you, be sure to keep a paper map on hand.

Local business flyers and brochures - By collecting information about an area’s most popular businesses, like retail stores and restaurants, you can show potential clients that you know a lot about your market.

Think about your clients, too. Show you’re always keeping them top of mind by stocking up on items like folders (for feature sheets), pens, notepads, waters or even protein bars!

Additional Tools to Give You an Edge
The real estate industry is highly competitive-so much so that even the most established real estate professionals hit a slump. That said, there are a variety of gadgets and tools to help you push through the competition and better manage clients.

Camera drones - Ever since they were approved for domestic use, these aerial photographers have become an integral part of the real estate industry. They can be used to create a room-by-room video guide for potential buyers, as well as provide aerial footage of homes, even in the most difficult to reach locations.

Internet-based file storage - Like many business people, real estate professionals are overwhelmed with documents-and the more documents there are, the harder they are to locate and organize. But now, with Dropbox and Google Play, you can pull up documents whenever and wherever you need them.

Task managers - These time-saving tools, like Evernote, help you keep your appointments, as well as your clients, straight. Never miss potential opportunities again. Simply input reminders, your to-do list and schedule, and any other documentation to help you stay on track. A popular task manager like Basecamp can help you collaborate and keep back-and-forth communications going with colleagues.

Home warranty account - Registering for a home warranty account allows you to manage your plans online and on the go.
Set yourself apart, save massive amounts of time, grow your business and stay top of mind with clients and potential clients by utilizing the tools mentioned above. With more and better technologies emerging every day, the real estate market is definitely your oyster.

Source: American Home Shield(R)

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Home Sellers Are Making Bank in Today's Market

Home Sellers Are Making Bank in Today's Market

RECBL - Real Estate News

Home sellers are making bank in today’s market, realizing a 24.1 percent, or $39,900, gain in 2016, according to a recent analysis by Zillow.

Sellers on the West Coast - where home prices have rocketed since the recession - saw higher returns, with those in Oakland, Calif., taking home the most at 78 percent, or $235,000.

Duration is key. The average seller turning a $39,900 profit, the analysis shows, held on to their home for seven years and five months. The average seller in Oakland hung on to their home for seven years and three months.

The top 10 markets

"The housing market can change a lot in 10 years, and you see that reflected in the top 10 list," says Dr. Svenja Gudell, chief economist at Zillow. "Buying a home is one of the biggest financial decisions people will make in their lifetime, and it really paid off for sellers in these cities. Every city on this list has been growing extremely fast over the past decade, with the majority passing peak home value hit during the housing bubble."

The ability to amass wealth over the long term makes real estate the No. 1 investment for most Americans, despite proven results from stocks and other vehicles.

"It’s extremely difficult to time the market, but if you’re a longtime homeowner in one of these cities, you could potentially see a great return on your investment," Gudell says.

For more information, please visit www.zillow.com.

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Staging the Most Important Rooms in Your Listing

Staging the Most Important Rooms in Your Listing

RECBL - Real Estate News

Staging every room in a for-sale listing may sound ideal; however, it may be a daunting task to both the seller and the listing agent.

If your seller can’t afford to invest in staging the entire home, it’s OK to scale down-after all, it’s better to do a good job on a few rooms than to do nothing at all.

When deciding which rooms to cut and which to keep, remember that not every room is created equally and that half the battle is de-cluttering.

Why Stage?
Because it’s primarily individuals rather than companies who buy homes, it’s important to appeal to the largest number and widest range of buyers possible. Even the most basic DIY staging (like having your client pack up their extensive porcelain doll collection or take down their numerous hunting trophies) can help buyers without those specific interests envision themselves in the home.

When buyers picture themselves in the home, they’re willing to pay more. NARs 2017 Profile of Home Staging reported that 29 percent of sellers agents reported a 1 to 5 percent increase in offer amount compared to similar homes. A further 21 percent reported a 6 to 10 percent increase in their offer amount. Staging also decreases the amount of time a listing will spend on the market. Photos of a nicely staged home make people more willing to walk through a property they found online.

What to Stage?
You don’t have to stage every room in a house to get good results. For example, it’s far more important to stage the living room than the laundry room. Here are the most popular rooms to stage, according to the 2017 Profile of Home Staging, as well as some ideas of what you can do in each:

Living Room
Remove the oversized couch and other bulky furniture and substitute smaller, narrower options. This will make the whole room feel larger. Also, remove all personal photos and enough books, movies and knickknacks to give the shelves extra room, emphasizing how the home offers plenty of "room to grow."

Kitchen
Pack up all the small appliances and do-dads cluttering up the counter, from the coffee pot to the can opener. Clear off the top of the fridge and get rid of all coupons, magnets, personal bulletins, etc. Once all the useful but non-decorative clutter is gone, consider adding a fruit bowl or flowers to add some color to the kitchen. It’s also important to de-clutter inside the cabinets to make them seem more spacious when interested buyers start poking around.

Master Bedroom
Again, start by de-cluttering. The only things on the floor should be furniture and maybe a rug. Most bedrooms don’t need much more than the bed, dresser, end tables, and a mirror. Make sure the surfaces of the furniture are cleared of all personal items. Remove any laundry baskets, TVs, and items visible under the bed. Dress the end tables up with a nice decorative lamp and make sure the bed is neatly and attractively made. If the master bedroom is particularly large, you can also add a comfy sitting area.

Dining Room
Dress the table up with a nice centerpiece and some simple but attractive place settings, but don’t make the table feel cluttered. If the table sits six, lay out four places. If it sits four, lay out two. This will ensure the table looks spacious and inviting. Remove any extra chairs that are gathered around the room, and make sure there is plenty of light, as well.

Bathroom
If you want the bathroom to appeal to buyers, make sure it is spotless. Everything from the tub to the walls should look fresh and clean. You should also remove any medications from the bathroom and put out fresh rugs and towels. Adding a few decorative candles or jars to the shelves will help create a more spa-like environment, as well.

Outside
The first thing a buyer sees when they visit your listing is the outside. Make sure the lawn is freshly mown, the bushes are trimmed, the driveway is clear of leaves and weeds, the windows are clean, and you have an inviting threshold.

Child’s Bedroom
Start by packing up anything that will identify who the child in the room is, such as school memorabilia, sports jerseys, trophies or photos. Most of the toys and all electronics devices should go, as well. Try to emphasize the child’s bedroom as a creative space. A desk or table can help with this. Keep the center of the room clear to emphasize plenty of play space, and use a gender-neutral color scheme to help buyers imagine their children in the room.

Once your client's home is staged, it's your turn to step up to the plate and get it sold. Homes.com makes it easy to find interested buyers and sellers with Featured Agent ads, which display your listings at the top of Homes.com, just one click away from popular Google searches.

For more information, please visit connect.homes.com.

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New Homeowner Statistics Unveiled

New Homeowner Statistics Unveiled

RECBL - Real Estate News

Owning a home is a key component of the "American Dream," as well as a primary driver of wealth creation for many Americans. However, the fruits of homeownership are not shared equally across demographic groups. A new report from Apartment List offers interesting insights.

After analyzing Census data from 1980 to 2015, looking at trends in owner and renter populations nationwide, broken down by race, education and income, Apartment List researchers found that white households have a significant advantage in achieving homeownership, and that this advantage persists regardless of education or income.


Some of the highlights of the latest Apartment List report include:

• Nationally, the homeownership rate for white households is 64.4 percent, compared to 32.7 percent for black households, 41.1 percent for Hispanic households, 54.0 percent for Asian households, and 45.8 percent for households classified as "other."

• Since 2000, the gap in homeownership rates has closed by 8 percent for Asian households, by 2.5 percent for Hispanic households and by 2.4 percent for households classified as "other." However, the gap for black households has widened by 3.9 percent.

• Prime working age households in the U.S. are 61.8 percent white, 13.1 percent black, 16.7 percent Hispanic, 5.7 percent Asian, and 2.7 percent "other."

• The nation is growing steadily more diverse, with the share of white households falling by 18.7 percent points since 1980.

• The Census Bureau projects that more than half of the American population will belong to a minority group by 2044.

• Nationally, Apartment List researchers found that homeownership rates for minorities with college degrees are lower than those for whites with only a high school diploma.

• Gaps in homeownership rates by race tend to be worst in metros in the Northeast and Midwest, with smaller gaps found in metros across the South and on both coasts, particularly in California, Texas, and Florida.

Overall, the data shows gaps have been narrowing over time, but gaps for black households have grown worse. And while more diverse metro regions tend to have smaller gaps in homeownership rates, many of these metros also have corresponding low overall rates of ownership.

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