Hardware Retailing The Industry's Source for Insights and Information
The latest data from the United States Census Bureau’s Housing Vacancy Survey show the homeownership rate rose to 65.3%.
Despite this quarterly increase, the trend continues to reflect significant affordability challenges. With mortgage interest rates remaining elevated and housing supply still tight, housing affordability is at a multidecade low.
Compared to the peak of 69.2% in 2004, the homeownership rate is currently 3.9% lower and remains below the 25-year average rate of 66.3%.
Year over year, homeownership rates increased in three age groups.
- Younger homeowners, under 35, increased 0.5%, to 37.5% for the quarter
- Homeowners ages 35-44 and above 65 decreased by 0.1%
- Homeowners ages 45-54 increased 0.3%, to 70% for the quarter
- Older homeowners ages 55-64 increased 0.1% for the quarter
