By Sean Becketti freddiemac.com
Today, the homeownership rate is less than 63 percent, the lowest rate in half a century. It has been declining for over a decade and experts are projecting it will continue to keep falling—perhaps even below 60 percent.
This decline in the homeownership rate has triggered debate among housing experts. Of particular concern is the pronounced drop in the homeownership rate in demographic groups that historically have had lower-than-average homeownership rates. For instance, the homeownership rate among African Americans spiked briefly during the housing boom, rising from a low of 41.2 percent in Q3 1995 to a high of 49.7 percent in Q2 2004. Since then, African Americans have given back virtually all those gains; their homeownership rate has fallen eight percentage points to 41.7 percent.
