The nation's homeownership rate slipped to its lowest level in 19 years in the
first quarter as more households rented and home sales remained low.
according to the Census Bureau, which
said 64.8% of homes in the U.S. are owner-occupied, the lowest share since the
second quarter of 1995. Homeownership rates topped 69% at various times in 2004
and 2005 before the foreclosure crisis and housing crash pushed millions of
Americans back to renting.
the census said the rental vacancy rate stayed near record lows at 8.3%, and
the median rent for available units nationwide hit an all-time high of $766 per
economists say there are a number of factors at work. Tight credit and
higher-than-they-have-been home prices are keeping some would-be buyers out of
the market. Others are sidelined by high student debt or concern about the soft
job market. And there's at least some evidence that young adults are postponing
homeownership, either by choice or through economic necessity.
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