Homeownership remains near multi-decade lows
The U.S. Census Bureau reported homeownership at 63.7% in the fourth quarter of 2015. That puts homeownership rates near the lowest they’ve been since the 1990s.
Although there has been a slight uptick from the previous two quarters, homeownership are well below where they were in 2004, when they were as high as 69.4%. Rates have been steadily declining nationwide since before the last recession.
Ownership rates remain highest in the Midwest and lowest in the West.
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Meanwhile, Millennials continue to shy away from buying homes. A decade ago, 43% of people 18 to 35 years old were homeowners. Today, it’s below 35%.
But the decline isn’t just because of Millennials. All age groups have seen a falloff in homeownership in the past 10 years. In 2005, 69.7% of those 35 to 44 years old owned a home. In 2015, it was 59.3%.
However, it also means the demand for rentals is on the rise. Median asking home prices are back to where they were 10 years ago but median rents are up 43% in that time.
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