Homeownership rates back to 1999 levels

With the economic and housing troubles of the last few years, the homeownership rate in the United States is now down to 66.9%, the lowest level seen since 1999:

The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter.

The last time the rate was lower was in 1999, when the rate was 66.7 percent.

The nation’s homeownership rate was around 64 percent from 1985 through 1995. It then rose dramatically during the Clinton and Bush administrations, hitting a peak of more than 69 percent in 2004 at the height of the housing boom.

The economic boom played a large role but both Clinton and Bush pushed homeownership across the board as an unmitigated good for America and its citizens. How will current politicians respond regarding homeownership? We received a number of pieces of campaign literature in the mail this election season where both Republicans and Democrats talked about helping to save homes. Will owning a home be seen as something that helps uphold the American dream or will the rhetoric change?

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