Homeownership rate lowest in a decade

The percentage of households that owned their home hit its lowest level since 1999, the AP’s Alan Zibel reported. The rate for the July-September quarter remained unchanged at 66.9%.

The last time the rate was lower was in 1999, when it hit 66.7%. Homeownership reached its peak in 2004, with more than 69% of households owning their home.

Analysts tend to agree that the Clinton and Bush administrations placed too much emphasis on homeownership.

“The consensus is, in a lot of cases, it just makes sense for a lot of people to rent,” said Patrick Newport, an economist at IHS Global Insight.