U.S. Homeownership Rate Holds Steady

Census Bureau data shows that the U.S. homeownership rate held steady in the fourth quarter at 68.9 percent.

Regionally, the homeownership rate was 73 percent in the Midwest, 70.8 percent in the South, 65.3 percent in the Northeast, and 64.5 percent in the West.

The homeownership rate for non-Hispanic whites was 76 percent, vs. 49.5 percent for Hispanics and 48.2 percent for blacks. The data also reveals a jump in the homeownership rate for those in the 65-and-up age segment to 81.2 percent from 80.6 percent in the fourth quarter of 2005, while the rate of homeownership for the 55-64 age group held steady at 80.7 percent.

However, the homeownership rate fell to 76.4 percent from 76.7 percent in the 45-54 segment, to 68.9 percent from 69.7 percent for those between the ages of 35 and 44, and to 42.8 percent from 43.1 percent for the under-35 set.

In terms of income level, the homeownership rate held steady at 84.5 percent for those earning the median income or more and at 52.9 percent for households earning less than the median income.

Source: Inman News