The Census Bureau reported Tuesday that the homeownership rate in the first quarter 2020 came in at 65.3%, 1.1 percentage points higher than the rate in first quarter 2019 (64.2%).
The homeownership rates in the Northeast, Midwest, and South were higher than the rates in the first quarter 2019. The homeownership rate in the West was not statistically different from the rate in first quarter 2019.
The rental vacancy rate in the first quarter 2020 was 6.6%, 0.4 percentage points lower than the rate in the first quarter 2019 (7.0%). The rental vacancy rate in the South was lower than the first quarter 2019 rate, while the rental vacancy rates for the Midwest, Northeast, and West were not statistically different from the first quarter 2019 rates.
Mike Fratantoni, chief economist at the Mortgage Bankers Association, analyzed the report. “Data for the first quarter of 2020 continue to reflect the extremely strong housing market prior to the current COVID-19 pandemic and subsequent economic crisis. Homeowner vacancy rates dropped to the lowest level in more than 40 years, and the rental vacancy rate also remained quite low. Moreover, the homeownership rate increased to its highest level in almost eight years. Without a doubt, the rapid deterioration of the job market this spring will cause second quarter numbers to reverse course.”
