More Young Americans Buy Homes

24 04 2005

Homeowners are getting younger. That is, a report by the U.S. Census Bureau
shows that the homeownership rate among individuals under the age of 25 rose
to 25 percent in 2004, a 59 percent increase from the 15.9 percent rate in 1995.
Experts attribute the increase to low mortgage rates, loans that require only 3
percent to 5 percent down, and the promise of mortgage-interest tax deductions,
as well as the realization that mortgage payments are often cheaper than rent.

Source: New Haven Register

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