Homeownership Rates Continue to Decline in First Quarter

May 2, 2011 (Brian Michael)

Homeownership rates in the United States continued to decline and now stand at levels not seen since the end of 1998. The Census Bureau reports that 66.4 percent of Americans owned homes, down from 67.1 percent the year before, and down from 69.2 percent seen during the housing boom.

The lowest homeownership rates were experienced out West as only 60.9 percent of householders owned homes. California, Nevada, and Arizona have consistently had the highest foreclosure rates in the country, a result of the hangover in over-building and a run up in pricing during the housing boom. A year ago the homeownership rate was 61.9 percent. During the housing boom, homeownership rates reached as high as 72 percent.

Homeownership rates in the Northeast region were 63.9 percent, in the Midwest region the rate was 70.4 percent, and in the South, the homeownership rate was 68.5 percent. All of the regions suffered declines in quarter-over-quarter and year-over-year comparisons. A year ago, homeownership rates were 64.4 percent, 70.9 percent, and 69.2 percent respectively.

Seniors, 65 and above, continued to have the highest homeownership rates, while those less than 35 years old continued to have the lowest. The homeownership rate for householders under 35 years old was 37.9 percent, from 35 to 44 years old the rate was 64.4 percent, from 45 to 54 years old the rate was 73.1 percent, from 55 to 64 years old the rate was 78.6 percent and from 65 years and older the rate was 81 percent.

The homeownership rate for the first quarter 2011 for non-Hispanic White householders reporting a single race was highest at 74.1 percent. The rate for All Other Races householders was second at 56.7 percent and Black Alone householders was lowest, at 44.8 percent. The Homeownership rates for Hispanic householders was 46.8 percent. All Other Races householders includes people who reported Asian, Native Hawaiian or Other Pacific Islander, or American Indian or Alaska Native regardless of whether they reported any other race, as well as all other combinations of two or more races.

You can read the report in its entirety on the Census Bureau’s website.

Tags: Census Bureau, homeownership rates, high foreclosure rate, householders, housing boom