Homeownership in the US is
on the upswing

The homeownership rate hit almost 64% in Q3

TRD New York /
Nov.November 01, 2017 11:20 AM

Single family homes

The rate of homeownership across the country increased in the past few months, according to the U.S. Census Bureau, despite the fact home prices are continuing to spike.

The homeownership rate hit 63.9 percent in the third quarter of 2017, a year-over-year rise from 63.5 percent, the Wall Street Journal reported, citing Census data. While these are not large increases, according to the Journal, it is the second quarterly gain in a row which indicates an upward trajectory.

“We’re moving in the right direction in terms of trying to get renters into homes,” Svenja Gudell, chief economist at Zillow, told the newspaper. “We’re seeing some movement but not as much as you would expect given other indications in the market,” such as strong job growth and low mortgage rates.

The homeownership rate hit its lowest level since 1965 in the second quarter of 2016, when nearly 63 percent of Americans owned a home. These recent increases show that there is demand there, even though inventory is low and prices are high.

Last month, the median home price in the US rose 4.2 percent to $245,100. [WSJ]Miriam Hall

Related Articles

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: renderings of 1 Propect Park West, 85 Jay Street and 98 Front Street in Brooklyn (Credit: StreetEasy)

The priciest Brooklyn condo filings of 2019

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

Zillow President Jeremy Wacksman

Zillow launches its high-stakes home-flipping business in LA

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high