National Homeownership Rate Rises to 64.4 Percent
Homeownership increased among Americans last summer, providing new evidence of a housing market that may be stabilizing. A Census Bureau report found that the national homeownership rate was 64.4 percent in the third quarter of 2018.
The national homeownership rate is still down nearly 5 percent from the all-time high of 69.1 percent it reached in 2004 at the peak of the housing bubble. Following the housing crisis, the homeownership rate declined to a low of 62.9 percent in 2016 as Americans lost their homes.
Despite recent gains, the slight recovery in the homeownership rate only puts the figure back at 1995 levels. Analysts believe that the uptick is a result of push back against hefty home price gains, which allowed more potential homebuyers to become homeowners last year. Analysts also see the potential for further gains in the national homeownership rate, if housing market conditions continue to ease.
There are still many challenges ahead for homebuyers. Available home inventory remains at historic lows even as home price gains continue. The vacancy rate for homeowners was just 1.5 percent in November 2018, marking a 0.1 percent decline from the average vacancy rate throughout 2017.
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