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Homeownership rate drops to 66.9 percent per U.S. Census Bureau

NationalMortgageProfessional.com
Jul 28, 2010

National vacancy rates in the second quarter 2010 were 10.6 percent for rental housing and 2.5 percent for homeowner housing, according to stats released by the U.S. Department of Commerce’s Census Bureau. The rental vacancy rate of 10.6 percent was approximately the same as rates recorded in the second quarter 2009 (+/-0.5 percentage points) and last quarter (+/-0.4 percentage points). The homeowner vacancy rate of 2.5 percent was approximately the same as the second quarter 2009 rate (+/-0.2 percentage points) and 0.1 percentage points (+/-0.1%) lower than the rate last quarter (2.6 percent). The homeownership rate of 66.9 percent was 0.5 percentage points (+/-0.4 percent) lower than the second quarter 2009 rate (67.4 percent) and 0.2 percentage points (+/-0.4 percent) lower than the rate last quarter (67.1 percent). For rental housing by area, the second quarter 2010 vacancy rate inside principal cities (11.1 percent) was higher than outside Metropolitan Statistical Areas (MSA’s) (9.5 percent), but not statistically different from the rate in the suburbs, 10.2 percent. The 9.5 percent and the 10.2 percent were not statistically different from each other. The rental vacancy rates in principal cities, in the suburbs, and outside MSA’s were not statistically different from second quarter 2009 rates. The homeowner vacancy rate in principal cities (three percent) was higher than in the suburbs and outside MSA’s (2.4 percent each). The homeowner vacancy rates in principal cities, in the suburbs, and outside MSA’s were not statistically different from their corresponding rates a year ago. Among regions, the rental vacancy rate was highest in the South (13.2 percent). Rates were lower in the Northeast (8.3 percent) and West (eight percent), but these rates were not statistically different from each other. The rental vacancy rate in the Northeast was higher than in the second quarter 2009, while rates in other regions remained statistically unchanged from a year ago. For the second quarter 2010, the homeowner vacancy rate was lowest in the Northeast (1.4 percent). The homeowner vacancy rate in the Northeast was lower than in the second quarter 2009, while rates in other regions were not significantly different from a year ago. Approximately 85.6 percent of the housing units in the United States in the second quarter 2010 were occupied and 14.4 percent were vacant. Owner-occupied housing units made up 57.3 percent of total housing units, while renter-occupied units made up 28.3 percent of the inventory in the second quarter 2010. Vacant year-round units comprised 11 percent of total housing units, while 3.4 percent were for seasonal use. Approximately 3.4 percent of the total units were for rent, 1.5 percent were for sale only, and 0.7 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 5.4 percent of the total housing stock. Of these units, 1.6 percent were for occasional use only, 0.9 percent were temporarily occupied by usual residence elsewhere (URE), and 2.9 percent were vacant for a variety of other reasons. The homeownership rate of 66.9 percent was 0.5 percentage points (+/-0.4 percent) lower than the second quarter 2009 rate (67.4 percent) and 0.2 percentage points (+/-0.4 percent) lower than the rate last quarter (67.1 percent). For the second quarter 2010, the homeownership rates were highest in the Midwest (70.8 percent) and lowest in the West (61.4 percent). The homeownership rates in the South and West were lower than a year ago, while rates in the Northeast and Midwest were not statistically different from their corresponding second quarter 2009 rates. For the second quarter 2010, the homeownership rates were highest for those householders ages 65 years and over (80.4 percent) and lowest for the under 35 years of age group (39.0 percent). The rates for householders 35- to 44-, 45- to 54-, and 55- to 64-years-old were lower than their respective rates a year ago, while those householders less than 35 years old and those 65 years and over showed no significant change from their corresponding rates in the second quarter 2009. In the second quarter 2010 the homeownership rate for households with family incomes greater than or equal to the median family income was 81.9 percent. The rate for those households with family incomes less than the median family income was 51.9 percent. For more information, visit www.census.gov.
Published
Jul 28, 2010
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