U.S. Homeownership Rate Hits Highest Level since 2008
July 29, 2020
Even as the coronavirus and ensuing lockdown have sent unemployment to historic highs, the U.S. homeownership rate has surged. The homeownership rate climbed to 67.9% in the second quarter, up from 65.3% in the first quarter. This marks the highest homeownership rate since 2008. The homeownership rate was 64.1% in the second quarter of last year.
Younger buyers saw the biggest increase, with the homeownership rate for those under the age of 35 increasing to 40.6%, up from 37.3% last quarter.
While more Americans are buying homes, more are also having a hard time renting. The rental vacancy rate fell to 5.7%, down from 6.6%. This is the lowest rental vacancy rate since 1984.