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.
This article originally published at https://dc.urbanturf.com/articles/blog/homeownership_falls_to_15year_low/5480.
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