22 September 2018

Homeownership Rate Slips to 19-year Low

#
Share This Story

The nation's homeownership rate slipped to its lowest level in 19 years in the first quarter as more households rented and home sales remained low.

That's according to the Census Bureau, which said 64.8% of homes in the U.S. are owner-occupied, the lowest share since the second quarter of 1995. Homeownership rates topped 69% at various times in 2004 and 2005 before the foreclosure crisis and housing crash pushed millions of Americans back to renting. 

Meanwhile, the census said the rental vacancy rate stayed near record lows at 8.3%, and the median rent for available units nationwide hit an all-time high of $766 per month.  

Housing economists say there are a number of factors at work. Tight credit and higher-than-they-have-been home prices are keeping some would-be buyers out of the market. Others are sidelined by high student debt or concern about the soft job market. And there's at least some evidence that young adults are postponing homeownership, either by choice or through economic necessity.  

Click here for the full article in the LA Times.

Join Our Online Community
Join the Better Way To Retire community and get access to applications, relevant research, groups and blogs. Let us help you Retire Better™
FamilyWealth Social News
Follow Us