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Homeownership Continues Dismal Decline; Rentals Soar

Tuesday, July 28, 2015

Homeownership declined yet again in the second quarter of 2015.  The Census Bureau said that the national rate dropped from 63.7 percent in the first quarter to 63.4 percent in the second and was more than a point down from the 64.7 percent where it stood a year earlier. Homeownership peaked at 69.2 percent in the second and fourth quarters of 2004 and flirted with that level periodically for the next four years but has declined steadily since the end of 2008.

The erosion of homeownership was evident in every age group except those under age 35.  It ticked up from 34.6 percent to 34.8 percent for that cohort which always posts the lowest rate,   but was still below that of any quarter in 2014.  Even those over age 65 where homeownership is consistently the highest, fell a half point to 78.5 percent.

 

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