Is the tide turning? The homeownership rate rallied slightly at 63.5 percent in the third quarter, higher than the 62.9 percent rate in the second quarter—the lowest point in more than 50 years, according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership report. The third quarter homeownership rate did not differ considerably from last year’s third quarter, however, at 63.7 percent.
On inventory, roughly 87 percent of housing was occupied in the third quarter, with 55.5 percent owner-occupied and 31.9 renter-occupied.
The Midwest saw the highest homeownership rates in the third quarter at 68.6 percent; the West saw the lowest, at 58.2 percent.
Homeownership rates in the third quarter were also highest among homeowners aged 65 and older, at 79.0 percent, and lowest for homeowners aged 35 and younger, at 35.2 percent.
Non-Hispanic white homeowners held the highest homeownership rate in the third quarter, as well, at 71.9 percent. Asian or Native Hawaiian and Pacific Islander homeowners held the second-highest rate at 55.6 percent. Hispanic homeowners held the third-highest, at 47.0 percent. Black homeowners held the lowest rate, at 41.3 percent—though both the Hispanic and Black rates were higher than those of last year’s third quarter.
The homeowner housing vacancy rate came in at 1.8 percent in the third quarter, while the renter vacancy rate reported 6.8 percent. Homeowner vacancy rates were highest outside metro areas at 2.5 percent, followed by inside principal cities at 1.9 percent and in suburban areas at 1.5 percent. Renter vacancy rates mirrored those of homeowners: highest outside metro areas at 9.6 percent followed by inside principal cities at 6.9 percent and in suburban areas at 6.0 percent.
Source: RIS Media
Ed and Celia Maddox
The Celtic Connection Team
Solutions Real Estate
Edward Maddox, Associate Broker, MRE, GRI, ABR
The Celtic Connection Realty Team - We Take the High Road
Solutions Real Estate - Multi-Million Dollar Producers 2004-2016
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A FEW OF OUR TESTIMONIALS (Additional ones upon request)
Celia and Ed Maddox were wonderful to work with. They were extremely patient with me and very flexible with showing houses. It's nice to work with a husband and wife team because it really is twice the service! They complement one another nicely and both bring different perspectives to the table so you get very well rounded views and opinions from them both. I plan on staying in my home for many years, but if I ever do buy or sell again in the future I will definitely use Ed and Celia!
Ron and Ellen Littlejohn
Thanks so much for all your help with the purchase of our new house!
Dave and Sharen Littlejohn
We chose Ed and Celia Maddox of Solutions Real Estate to sell our home for us. We were especially impressed with their timeliness, knowledge of the business, professionalism and prompt follow-up to any questions or concerns.