Homeownership declines in Q1
The homeownership rate declined to 64.2% in the first quarter of 2019, according to the Census Bureau’s Home Vacancy Survey (HVS).
This is 0.6% lower than the previous quarterly reading of 64.8%.
But homeownership on a whole remains on an upward cycle after dropping to 62.9% in the second quarter of 2016.
In comparison to a peak of 69.2% in 2004, the rate is still five percentage points lower and below the 25-year average rate of 66.3%.
The latest HVS also showed that households increased to 122.3 million in the first quarter, about 1.5 million higher than the first quarter last year.
While owner household formation demonstrated growth, renter households increased by 458,000 during the quarter, indicating a lack of affordable housing.
This is 0.6% lower than the previous quarterly reading of 64.8%.
But homeownership on a whole remains on an upward cycle after dropping to 62.9% in the second quarter of 2016.
In comparison to a peak of 69.2% in 2004, the rate is still five percentage points lower and below the 25-year average rate of 66.3%.
The latest HVS also showed that households increased to 122.3 million in the first quarter, about 1.5 million higher than the first quarter last year.
While owner household formation demonstrated growth, renter households increased by 458,000 during the quarter, indicating a lack of affordable housing.