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Homeownership Highest in Nearly 7 Years
Tuesday, April 28, 2020
The U.S. Homeownership Rate reached its highest level
in nearly seven years in the first quarter of 2020. The Census Bureau said the
rate, 65.3 percent, tied with the rate
in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent
in the second quarter of 2016. The first quarter rate was up from 65.1 percent
the previous quarter and was 1.1 percent higher than in the first quarter of
2019.
The rate was highest in the Midwest at 69.2 percent
and lowest in the West at 60.1 percent. All four regions experienced annual
increases.
Homeownership was higher for all age cohorts that a
year earlier and was, as usual, highest
among the oldest households, those 65 years and older at 78.7 percent, an 0.2-point
increase. Those under 35 years of age had the lowest rate at 37.3 percent, but
that was a 1.9-point annual gain. Those 35 to 44 years of age are at 61.5
percent, the next older group is at 70.3 percent and households between that
ages of 55 to 64 have a 76.3 percent rate.
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