Young households (those under the age of 35) experienced the largest gains for homeownership in 2019, according to data from the Federal Reserve Board’s 2019 Survey of Consumer Finances (SCF)
. Shares of auto loans also increased, while the share with education loans declined.
Overall, the share of households with home mortgage debt (42%) was greater than the percentage of households with auto loan debt (37%), a difference that held true for all age groups 35 and above. The overall share with home mortgage debt remained virtually unchanged from 2016 to 2019 at 42%, while the share of all households with auto loans increased from 34% to 37%.
In 2019, the share of young households with auto loans rose to the highest level since 2010, when the percentage of young households with auto loans (32%) dipped below the percentage with home mortgage debt (34%). The share of households under the age of 35 with auto loan debt has steadily increased in the years following.
Overall auto ownership for young households has remained at a normalized level (82%) over the years, while the homeownership rate — although low (36%) — saw an increase after years of declines.
NAHB Economist Fan-Yu Kuo provides more analysis in this Eye on Housing post