Homeownership rates are at a four-year high

March 7, 2019 11:50 am

Homeownership rates are at a four-year high in the United States.

In Quarter 4, 2018, the share of American householders owning their home reached 64.8%.

Homeownership rates are at a four-year high

The figure for Quarter 4, 2018, just published by the U.S. Census Bureau, rose 0.6% year-over-year. It was the highest level since 2014.

As you would expect, the homeownership rate was highest among householders aged 65 years and over (78.8%) and lowest for those under 35 years of age (36.5%).

The homeownership rate for householders aged 35-44 was higher than the rate for the fourth quarter 2017, while rates for other age brackets were not statistically different from the fourth quarter 2017 rates.

For homeownership rate for non-Hispanic White Alone householders reporting a single race was highest at 73.6%. Asian, Native Hawaiian and Pacific Islander Alone householders were second at 58.1% with Black Alone householders lowest at 42.9%.

The homeownership rate for non-Hispanic White Alone households was higher than the fourth quarter 2017 rate, while the rates for Asian, Native Hawaiian and Pacific Islander Alone and Black Alone householders were not statistically different from a year ago. The homeownership rate for Hispanic householders (who can be of any race), at 46.9% was also little changed.

The fourth quarter 2018 homeownership rate for households with family income greater than or equal to the median family income (78.9%) rose 0.7% from a year ago. The rate for those households with family income less than the median family income was similar to Quarter 4, 2017.

National vacancy rates in the fourth quarter 2018 were 6.6% for rental housing and 1.5% for homeowner housing.

Median rent and sale prices

In the fourth quarter 2018, the median asking rent for vacant for rent units was $947. The median asking sales price for vacant for sale units was $232,000.

The fourth quarter 2018 rental vacancy rate was highest outside Metropolitan Statistical Areas (8.2%) and lowest in the suburbs (5.9%).

The fourth quarter 2018 rental vacancy rate was highest in the South (8.5% followed by the Midwest (7.1%).

The homeowner vacancy rate in the South (1.7%) was higher than rates in the Northeast (1.5%) Midwest (1.3%) and the West (1.2%).

Approximately 88.2% of homes in the United States in the fourth quarter 2018 were occupied and 11.8% vacant.

Owner-occupied housing units made up 57.2% of total housing while renter-occupied units made up 31% of the inventory in the fourth quarter 2018. Vacant year-round units comprised 9% of total housing units, while 2.8% were for seasonal use.

Approximately 2.2% of the total units were for rent, 0.9% for sale only and 0.8% were rented or sold but not yet occupied. Vacant units that were held off market comprised 5.2% of the total housing stock — 1.5% were for occasional use, 1% were temporarily occupied by persons with usual residence elsewhere (URE) and 2.7% were vacant for a variety of other reasons.

The fourth quarter 2018 homeownership rate was highest in the Midwest (69.3%), followed by the South (66%).

Source: https://www.census.gov/housing/hvs/files/currenthvspress.pdf