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According to the U.S. Census Bureau’s latest “Quarterly Residential Vacancies and Homeownership” release, the U.S. homeownership rate increased to 63.9 percent in the third quarter of 2017. This rate was not statistically different from those of the second quarter 2017 (63.7 percent) or the third quarter 2016 (63.5 percent).
Report Findings
- In Q3 2017, the median asking rent for rental units was $912
- In Q3 2017, the median asking sales price for vacant sales units was $187,300
- Non-Hispanic White Alone householders had a 2017 homeownership rate of 72.5 percent
- Asian, Native Hawaiian and Pacific Islander Alone householders had a 2017 homeownership rate of 57.1 percent
- Hispanic householders had a 2017 homeownership rate of 46.1 percent
- Black Alone householders reported the lowest 2017 homeownership rate at 42 percent
- The seasonally-adjusted homeownership rate shows a one basis point decrease from Q2 2017
“The third quarter 2017 homeownership rate was highest in the Midwest (69.1 percent), followed by the South (65.5 percent), Northeast (60.4 percent) and West (58.9 percent),” the release articulates. “The homeownership rates in the Northeast, Midwest, South and West were not statistically different from the rates in the third quarter 2016.”
Notably, the Census Bureau data depicts an uptick in millennial home buying activity: the homeownership rate for Americans under 35 increased to 35.6 percent, representing a third consecutive quarterly increase and reaching its highest figure since Q3 2015.
For those 35-44, homeownership rose to 59.3 percent; for those 45-54 and 55-64, it dropped slightly to 69.1 percent and 75 percent, respectively; and Americans over 65 boosted their homeownership rate to 78.9 percent.
To read the Census Bureau’s full release, please visit their website.