By Na Zhao | Eye on Housing
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 63.6% in the first quarter 2017, which is statistically no different from its last quarter reading of 63.7%. The rate of homeownership appears to be stabilizing after reaching a cycle low of 62.9% in the second quarter of 2016.
Compared to the peak at the end of 2004, the homeownership rate has steadily decreased by 5.6 percentage points and remains below the 27-year average rate of 66.1%.
Homeownership increased among all age groups under 55 years old since a year ago. The millennial and Generation X homeownership rates both increased slightly by 0.1%, meanwhile, households aged 45- 54 years old rose by 0.2%. This suggests that people are gradually returning to the housing market.