New numbers from the U.S. Census Bureau released today reveal the largest rise in homeownership in the country in twelve years. However, those statistics may be a little misleading.
The report states that the homeownership rate jumped almost 4 percentage points in the second quarter to 67.9% with some of the largest gains in younger households. The under 35 age bracket saw a 3.2% jump and the 35-44 year-old sector saw a rise of almost 5%. Black and Hispanic ownership jumped by 6.4% and 4.8%, respectively.
While this rise is notable, there is thinking that the numbers may be misleading due to the ongoing pandemic and the resulting way that data was collected.
"As a result of the coronavirus pandemic (COVID-19), data collection operations for the CPS/HVS were affected during the second quarter of 2020," the Census Bureau stated. "In-person interviews were suspended for the duration of the second quarter and replaced with telephone interview attempts when contact information was available. If the Field Representative was unable to get information on the sample unit, the unit was made a Type A non interview (no one home, refusal, etc)."
Calculated Risk goes into more detail as to how the data collection may have influenced the numbers.
"This survey might show the trend, but I wouldn't rely on the absolute numbers," the blog states. "The Census Bureau is investigating the differences between the Housing Vacancy Survey (HVS), American Community Survey (ACS) and decennial Census, and analysts probably shouldn't use the HVS to estimate the excess vacant supply or household formation, or rely on the homeownership rate, except as a guide to the trend."
This article originally published at https://dc.urbanturf.com/articles/blog/did-homeownership-in-the-us-just-shoot-up/17121.
Most Popular... This Week • Last 30 Days • Ever
The listing will hit the market on Wednesday, according to the Washington Business Jo... read »
The concept for the residential conversion of a prominently sited building in Dupont ... read »
Here are some precautions to take before buying real estate with a buddy.... read »
About a month ago, UrbanTurf examined how condo and co-op prices were driving home pr... read »
Even though flipping is not as prevalent in the city as it used to be, there are sti... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhood... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... read »
An application filed with DC this week signals the end is nigh for a McDonald's locat... read »
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro