What's Hot: Friendship Heights Food Hall Could Open This Month | Summer Ready With Quick Move-In Homes at Brookland Grove
Homeownership Falls To 15-Year Low
New Census data released on Monday revealed that homeownership rates are now at 65.4 percent, a low last seen in 1997. High unemployment levels, tight lending policies and the prospect of falling prices have kept potential homeowners from buying.
From the Associated Press:
Americans 65 years or older accounted for the highest rate of homeownership during the quarter at 80.9 percent. That’s stayed pretty much the same going back to 2006. Those under 35 represented the smallest group of homeowners, with a homeownership rate of 36.8 percent. That’s down from 37.9 percent a year ago.
As home ownership has been falling, rental and homeowner vacancy rates have also dropped, reported the Wall Street Journal yesterday. The percentage of vacant rental units has fallen to 8.8 percent, the lowest level since 2002, and the homeowner vacancy rate is at 2.2 percent, the lowest rate since 2006, according to the WSJ. Additionally, one million new households have formed since last year, according to Census data.
For the past couple years, there has been a notable contrast between the local and national housing market, so DC’s numbers may not follow the national trend. We are working on a story that looks into the local angle of this data, so stay tuned.
See other articles related to: census, ownership, vacancy rates
This article originally published at https://dc.urbanturf.com/articles/blog/homeownership_falls_to_15year_low/5480.
Most Popular... This Week • Last 30 Days • Ever
A look at the larger residential developments in the works from Cardozo to Mount Vern... read »
The Heights, a ten-stall food hall that is taking over the spaces formerly occupied b... read »
A piece of legislation quietly introduced in the House of Representatives earlier thi... read »
The backlash over backyard pool rentals; the "housing matchmaker"; and the townhouse ... read »
In this week's edition of Under Contract, we look at a homes that sold in 24 hours, 3... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... 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 »
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro