Demographic Data Behind The Low Homeownership Rate
Last decade’s bubble burst removed plenty of would-be buyers from housing market, and the effects are still being felt today.
The homeownership rate is at an all-time low. According to Zillow analysis of statistics from the U.S. Census Bureau, the median homeowner age is rising faster than the median renter age. Older Americans have been more likely to hold onto a home than younger buyers, in part because they were able to accumulate enough wealth before the Great Recession to pay off homes before the bubble burst. Rising rents in recent years have made it more difficult for renters to save up for a house, as well.
Also, the data shows that the homeownership rates for whites (71.5 percent) is much higher than the rates for blacks (41.7), Hispanics (45.1), and other groups (51.2).