Millennial homeownership rate rises to 37%

By Na Zhao | REALTORMag

According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.4% in the third quarter of 2018, which is not statistically different from its last quarter reading. The national homeownership rate demonstrated stability during a quarter in which housing markets softened due to declining affordability conditions. This follows the rate dropping to a cycle low of 62.9% in the second quarter 2016. Compared to the peak of 69.2% in 2004, however, the homeownership rate is still lower by almost five percentage points.The count of total households, however, increased to 121 million in the third quarter of 2018 from 119 million a year ago. Newly-gained households are predominantly owner households, while renter households only increased by 60,000.

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The homeownership rates among all age groups under 64 increased over the last year. Millennial households, mostly first-time homebuyers, registered the largest gains among all households, a 1.2 percentage point increase from a year ago. Millennials are gradually returning to the for-sale housing market, where gains in home price are slowing down. The homeownership rates of households ages 45-54 and 55-64 experienced a 0.8 percentage point increase.
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