By Na Zhao
Copyright © 2014 National Association of Home Builders
According to Census Bureau’s Housing Vacancy Survey (HVS), the homeownership rate dropped to 62.9% in the second quarter of 2016. It is the lowest level since 1965, when the Census Bureau started tracking these data. This was a second straight quarterly decrease, down by 60 basis points on a nonseasonally adjusted basis from three months ago.
The homeownership rate continued to decline for all age groups except for Generation X, on an annual basis. The homeownership rate for Generation X increased modestly to 58.3%, up by 0.3% since a year ago. The homeownership rate for household heads older than 65 years old (77.9 %) decreased by 60 basis points. The largest declines, however, were for those ages less than 35 and 55-64, with an annual drop of ... Read the article at the NAHB website