After dropping to the lowest level in 48 years in the last quarter, the homeownership rate in the United States increased during the third quarter. The increase during the third quarter was the first time the homeownership rate increased in two years.
Source: www.housingwire.com
After dropping to the lowest level in 48 years in the last quarter, the homeownership rate in the United States increased during the third quarter, according to data from the Department of Commerce and the Census Bureau.
The latest quarterly report on residential vacancies and homeownership showed that the national rate of homeownership rose to 63.7% in the third quarter, climbing from 63.4% in the second quarter, which was a 48-year low.
The increase during the third quarter was the first time the homeownership rate increased in two years.
Whether this is merely a blip on the radar or the pendulum has started to swing in the other direction is unclear. Additional time and data points will be needed to see if the trend continues, but for homeownership rates to increase in the US, wage growth and affordable buying options will have to become a part of the equation.