Homeownership rate falls to mid-1990s level
WASHINGTON – June 18, 2014 – According to U.S. Census data, the share of Americans who own their homes settled at about 64.8 percent in the first three months of this year – down from 65.2 percent in the fourth quarter of 2013.
The rate has fallen steadily since peaking at 68.9 percent in 2006, due in part to the foreclosure crisis. But even after two years of housing recovery, the pace of homeownership has not returned to pre-recession levels and is, in fact, the lowest it has been since 1995.
Economists suspect the growing number of young adults leaving the family home and striking out on their own is skewing the owner-occupancy rate. They primarily lease apartments, which raises the renter rate and lowers the homeownership rate – but they'll contribute to higher homeownership levels down the road.
Source: Wall Street Journal (04/30/14) P. A5; Dougherty, Conor
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