U.S. homeownership rate ticks upward for first time in two years

The U.S. homeownership rate rose for the first time in two years during the third quarter, after dropping to a 48-year low during the second quarter, according to new data from the Census Bureau and the Department of Commerce.

The government’s latest report reflected a natonal homeownership rate of 63.7% in the third quarter, up from the second quarter’s low of 63.4%. The third-quarter homeownership rate is still lower than it was during the same period last year, however.

The latest jump is due mostly to an increase in homeownership in the Northeast, which saw its rate jump from 60.2% in Q2 to 60.8% in Q3. The South also saw a significant rise, with its homeownership rate rising from 64.9% to 65.4%. The West also saw an increase, from 58.5% to 58.7%. Only the Midwest posted a decrease, according to the report. That region saw its homeownership rate slide from 68.4% to 68.1%, according to the Census Bureau.

More information from the Census Bureau:

• The homeownership rate among those 35 and younger rose from 34.8% to 35.8% in the third quarter
• The homeownership rate among those 35-44 rose from 58% to 58.1%
• The rate among those 45-54 remained steady at 69.9%
• The rate among those 55-64 dipped slightly from 75.4% to 75.3%

The homeownership rate among those 65 and older rose from 78.5% to 78.7%