The homeownership rate improved to 63.9 percent in the third quarter—the second time it has inched up this year, slightly topping 63.7 percent in the 2nd quarter and 63.5 percent this time last year, according to the U.S. Census Bureau’s recent Quarterly Housing Vacancies and Homeownership report. Another second-time win? The gap between the owner household formation rate and the renter household formation rate widened again. Approximately 87 percent of housing was occupied in the third quarter, with 55.7 percent owner-occupied and 31.4 percent renter-occupied. Owner-occupied and renter-occupied housing accounted for 55.5 percent and 31.6 percent shares, respectively, in the second quarter of this year, and 55.5 percent and 31.8 percent shares, respectively, in the 1st quarter. The homeownership rate in the third quarter was again highest in the Midwest, at 69.1 percent, and the South, at 65.5 percent. The rate in the Northeast was 60.4 percent, while the rate in the West was 58.9 percent.
Warmest Regards,
Kevin Aizenshtat
Realtor