Homeownership in America is growing. In the third quarter, the national rate was 64.4 percent, 0.5 percent higher than in Q3 2017, per Census Bureau data.
The homeownership rate hit a low in 2016, 62.9 percent, down 7.2 percent from the all-time high of 69.1 percent in 2004. Due to tighter credit, sparse affordable inventory and the process of overall economic recovery, many buyers were locked out of the market, which in turn became "less dynamic," Realtor.com reports. They add that the slowing appreciation of home prices may be helping buyers into the market and homeownership.
The homeownership rate can be controversial. Some analysts believe that government policies that helped enable ownership more broadly were responsible for the housing crisis, although many others believe there’s blame to go around. Still, the meager recovery to this point puts the homeownership rate only back to 1995 levels, well before the run-up to the bubble. That suggests it may be possible for many more Americans to become owners, if housing market conditions ease further. The vacancy rate for owners was just 1.5 percent for the second month in a row, tighter than the 1.6 percent it averaged throughout 2017.
Advertisement
Related Stories
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
