Homeownership rate at 20 year low

New data from the Census Bureau shows the homeownership rate continued to decline through the end of 2014:

The homeownership rate in the United States dropped to a 20-year low of 64.5 percent in 2014, according to new data released by the Census Bureau…

In the years since 1984, which is the first year reported on Table 15, homeownership peaked at 69.0 percent in 2004. In the last decade, according to the Census Bureau, the annual homeownership rate has steadily declined…

Among the 75 largest metropolitan statistical areas in the nation, as reported in Table 16 in the Census Bureau’s “Housing Vacancies and Homeownership” data, the Los Angeles-Long Beach-Santa Ana area had the lowest homeownership rate in 2014. At 49.0 percent, it was the only one of the top 75 metropolitan statistical areas that had a homeownership rate of less than 50 percent.

New York-Northern New Jersey-Long Island had the second lowest homeownership rate at 50.7 percent. Bakersfield was third lowest with 52.8 percent. Las Vegas-Paradise as fourth lowest with 53.2 percent. Fresno was fifth lowest with 53.9 percent…

The Richmond, Va., metropolitan area had the highest homeownership rate at 72.6 percent. Birmingham-Hoover, Ala., was second highest with 71.9 percent. Grand Rapids-Wyoming, Mich., was third highest with 71.6 percent. Detroit-Warren-Livonia was fourth highest with 71.2 percent. And St. Louis, Mo., was fifth highest with 71.1 percent.

Find the full data here.

While it is one thing to track this rate over time, what are the larger implications? How should policy decisions change? Are there some who see this as desirable? How might the housing industry rebound?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s