U.S. Homeownership Rate Lowest in 20 Years
The Wall Street Journal cites data from Commerce Department estimates showing that U.S. homeownership is at its lowest level in 20 years at the end of 2014.
According to estimates, after adjusting for seasonal factors, 63.9 percent of U.S. households owned their homes in the fourth quarter. This level was last recorded in 1994, and the homeownership rate hasn’t fallen below that level since 1988.
The decrease from 2013’s 65.1 percent may reflect a large uptick in household formation, reporter Nick Timiraos argues, as the homeownership rate can fall as newly formed households opt for renting.
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