34 and under: Millennials drive homeownership rates up to 63.9% in 2017
The homeownership rate for the Millennials increased from last quarter’s 34.3% to 35.3% in the third quarter of 2017. It is the highest level since the third quarter of 2015, according to the U.S. Census Bureau.
Although not statistically different than previous reports, a significant rising in the national homeownership rate is being noticed by analysts. After years of declining homeownership rates, the U.S. Census Bureau reports that the national homeownership rate has crept up to 63.9 percent from 63.8% for the third quarter one year ago.
National homeownership rate is up to 63.9 percent, 3rd Q 2017
Housing Wire highlights that this slight increase compares to “2016’s second quarter, when the homeownership rate fell to it lowest level since 1965.” That means that homeownership last time was that low was more than 50 years ago!
Interestingly, according to the U.S. Census Bureau’s Quarterly Residential Vacancies and Homeownership, Third Quarter 2017 →, around 87.1% of the housing units in the country were occupied and 12.9% were vacant during the third quarter 2017.
Not surprisingly to us, the Millennials—part of the group of under 35 years of age bracket—are pushing homeownership rates up in 2017, being the age sector with a significant rate increase in homeownership. Nonetheless, the older the age group, the higher the homeownership rates. While 35.3% of Millennials own homes, the older age groups numbers are as follows for home ownership: 35 to 44 years, 58.8%; 45 to 54 years, 69.3%; 55 to 64 years, 75.4%; and 65 years and older, 78.2%.
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