National home-ownership rates in this year’s third quarter rebound from the 62.9% in the previous quarter to 63.5%, according to the Quarterly Residential Vacancies and Home Ownership Report released by the Census Bureau this morning. This result came after the 2Q result matched an over-50-year low since 1965.
In this quarter, all four regions posted growth in home ownership. The Midwest boasted the highest rate among all, at 68.6%, followed by South at 65.0%. The Northeast saw its rate rising from 59.2% to 60.8% from 2Q to 3Q, breaking back above 60%. Meanwhile, the home-ownership rate in the West rose slightly to 58.2%, the lowest level among all, due in part to higher home prices.
In the meantime, home-owner vacancy rates also rose slightly in this quarter, from 1.7% to 1.8% on the national level. According to the report, the home-owner vacancy rate was highest outside MSAs (2.5%), followed by inside principal cities (1.9%) and in the suburbs (1.5%). The home-owner vacancy rate in the suburbs was lower than the third quarter 2015 rate, while the rates outside MSAs and inside principal cities were not statistically different from the corresponding third quarter 2015 rates.
Among all regions, the South reported the highest home-owner vacancy rate in this quarter, at 2.1%, followed by Northeast at 1.8%. The Midwest and West came in at 1.5% for this quarter. The home-owner vacancy rate in the Midwest was lower than the third quarter 2015 rate, while the rates in the Northeast, South and West were not statistically different from the corresponding third quarter 2015 rates.
Please read the full release on the Census Bureau >>
