Industry NewsMarkets & Economy

Falling back to 2000: Homeownership rate sinks

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The nation's homeownership rate fell to 67.1 percent in the first quarter, a rate not seen since first-quarter 2000, according to a report from the U.S. Census Bureau and the U.S Department of Commerce. The rate reached its peak in 2004, when it was at 69.2 percent for both the second and fourth quarters. Also, the agencies reported that vacancy rates were largely unchanged in the first quarter compared to the previous quarter and the same quarter last year. Regionally, the West saw the largest year-over-year decline in homeownership in the first quarter: from 62.8 percent to 61.9 percent. The Northeast, Midwest and South each saw changes of less than a percentage point to 64.4 percent, 70.9 percent and 69.2 percent, respectively. Predictably, the likelihood that people will own their own home increases with age. While only 38.9 percent of those under 35 were homeowners, 80.6 percent of those 65 and older were. Non-Hispanic whites had the highest homeownershi...