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Homeownership is Growing, Especially Among Younger Age Groups
Tuesday, October 27, 2020
The U.S. homeownership rate in the third quarter fell back
slightly from the prior quarter. The second quarter saw the highest level for
homeownership since the second quarter of 2008. Homeownership in the third
quarter, according to the U.S. Census Bureau, was 67.4 percent, 0.5-point
decrease from the previous period, but up from 64.8 percent in the third
quarter of 2019. That rate ties with the second quarter of 2009 as the second
highest rate since the onset of the housing crisis. The rate was highest in the Midwest and South at 71.2
percent and 70.8 percent and substantially lower in the Northeast (62.0 percent)
and West (62.1 percent). All four regions posted annual increases. The rate increased for all age groups. Those under the age
of 35 jumped from 37.5 percent in the third quarter of last year to 40.2
percent and the rate for those 35 to 44 years old rose more than three points
to 63.9 percent. The rate for those 45 to 54 was 72.0 percent, 55 to 64, 76.4
percent and those over 65 had a rate of 80.7 percent.
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