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Homeownership Rate Rallies
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 ... more

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