Economists see the numbers as a worrying trend, as the housing market is strengthening but leaving many households behind
For the third quarter of 2015, the homeownership rate remained near its lowest point in three decades, The Wall Street Journal reports.
Estimates published by the Commerce Department on Tuesday showed that the homeownership rate remained at 63.5 percent, unchanged from the quarter earlier. The number of homeowner households increased by 123,000 in the third quarter year-over-year, while the number of renter households increased by 1.3 million.
“The numbers underscore a worrying trend, according to economists, as the housing market is strengthening but leaving many renter households behind,”write real estate reporters Laura Kusisto and Kris Hudson.