Advertisement
Canada markets closed
  • S&P/TSX

    21,837.18
    -11.97 (-0.05%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • DOW

    38,790.43
    +75.66 (+0.20%)
     
  • CAD/USD

    0.7380
    -0.0009 (-0.12%)
     
  • CRUDE OIL

    82.59
    -0.13 (-0.16%)
     
  • Bitcoin CAD

    88,587.62
    -3,582.86 (-3.89%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,165.60
    +1.30 (+0.06%)
     
  • RUSSELL 2000

    2,024.74
    -14.59 (-0.72%)
     
  • 10-Yr Bond

    4.3400
    +0.0360 (+0.84%)
     
  • NASDAQ futures

    18,206.75
    -24.75 (-0.14%)
     
  • VOLATILITY

    14.33
    -0.08 (-0.56%)
     
  • FTSE

    7,722.55
    -4.87 (-0.06%)
     
  • NIKKEI 225

    39,555.66
    -184.78 (-0.46%)
     
  • CAD/EUR

    0.6787
    -0.0005 (-0.07%)
     

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.

Source: U.S. Census Bureau
Source: U.S. Census Bureau

Ownership rates remain highest in the Midwest and lowest in the West.

Get the Latest Market Data and News with the Yahoo Finance App

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%.

ADVERTISEMENT

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.

More from Yahoo Finance

'The big boys don't know' where crude is headed next

"The Fed wasted a bullet:" veteran trader

The global economy will be worse than people think: portfolio manager