The national homeownership rate increased slightly from last year, but was not statistically different from last quarter, according to the latest release from the U.S. Census Bureau.
The homeownership rate climbed slightly from 2016, but only marginally from the first quarter of 2017.
The figures showed that in the second quarter of 2017, 63.7%, up 0.8% points from 2016’s 62.9% but only 0.1% point improvement from the first quarter of 2017 of 63.6%.
The Census Bureau pointed out that 2016’s 62.9% was the lowest rate for homeownership since 1965 – which is close to a 50-year low.
The Census Bureau also reported that national vacancy rates for rental housing increased in the second quarter to 7.3%, a rise of 0.6% points from 6.7% in 2016 and up 0.3% points from the first quarter of 2017 which was 7%.
The homeownership vacancy rate inside principal cities fell to 1.4%, which is the lowest level since the fourth quarter of 1980.
In the second quarter 2017, the median asking rent for vacant for rent units was $910, its highest level ever.
Millennials were the only generation to see an increase in their homeownership rate from last quarter.
The homeownership rate
Under 35 years of age 35.3%
35 to 44 years of age 58.8%
45 to 54 years of age 69.3%
55 to 64 years of age 75.4%
65 years and older 78.2%
Link to the U.S. Census Report: https://www.census.gov/housing/hvs/files/currenthvspress.pdf