Homeownership rate remains steady
The rate of vacant homes fell to 1.4%, marking the lowest level in almost 25 years, according to the data from the US Census Bureau’s Quarterly Residential Vacancies and Homeownership report.
The report measured vacant private homes that were either for sale or waiting for their new owners to move in. The new home vacancy rate beat the 2.9% low during the foreclosure crisis in 2008.
The homeownership rate was 64.2%, unchanged from last year’s quarter and not far from 64.8% in 2018’s final three months. Owners lived in approximately 77.5 million homes in the first quarter and 43.3 million were occupied by renters.
The homeownership rate for people under age 35 was 35.4%, slightly up from 35.3% from 2018. The rate for those 35 to 44 was 60.3%, up from 59.8% a year ago; and for Americans 45 to 54 years old, the rate dropped from 70% to 69.5%, while the rate for people over 65 years old held steady at 78.5%.
