Homeownership Rate Increased Slightly In Q3

Posted by Patrick Barnard on October 28, 2015 No Comments
Categories : Residential Mortgage

The U.S. homeownership rate reached 63.7% in the third quarter – an increase of 0.4% compared with the second quarter, when it was 63.4%, according to the U.S. Census Bureau.

It was the first time in two years that the homeownership rate increased on a quarter-over-quarter basis.

However, the homeownership rate decreased 0.7% compared with the third quarter of 2014, when it was 64.4%.

The national vacancy rate in the third quarter was 7.3% for rental housing and 1.9% for homeowner housing.

The rental vacancy rate of 7.3% was 0.5% higher compared with the second quarter but 0.1% lower compared with the third quarter of 2014.

The homeowner vacancy rate of 1.9% was a decrease of 0.1% compared with the second quarter but an increase of 0.1% compared with the third quarter of 2014.

In general, the homeownership rate in the U.S. has been decreasing steadily since the Great Recession that began in 2008. This is due to a confluence of factors, including lack of affordability, stagnant wage growth, a poor jobs market, rising home prices, increasing cost of living, a lack of inventory and increasing population.

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