Q3 Homeownership Rate Holds Steady

Oct 30, 2018

The homeownership rate during the third quarter was 64.4 percent, according to new data from the U.S. Census Bureau. This represents scant increases from the 64.3 percent rate in the second quarter and the 63.9 percent rate from the third quarter of 2017.

The third quarter homeownership rate was highest in the Midwest (69 percent), followed by the South (65.4 percent), the Northeast (61.5 percent), and the West (60.2 percent). Homeownership was highest among those ages 65 years and over (78.6 percent) and lowest for those 35 years and under (36.8 percent). Among racial and ethnic demographics, white householders reported a homeownership rate of 73.1 percent, followed by Asian-Americans at 58.2 percent, Hispanics at 46.3 percent and African-Americans at 41.7 percent.

Third quarter vacancy rates were 7.1 percent for rental housing and 1.6 percent for homeowner housing. Approximately 87.6 percent of the housing units in the third quarter were occupied and 12.4 percent were vacant. Owner-occupied housing units accounted for 56.4 percent of total housing units, while renter-occupied units made up 31.2 percent of the third quarter’s inventory. Vacant units that were held off market totaled 5.4 percent of the total housing stock.

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Phil Hall

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Oct 30, 2018

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