Homeownership in the US is
on the upswing

The homeownership rate hit almost 64% in Q3

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

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

arrow_forward_ios
Community Development Corporation of Long Island CEO Gwen O'Shea (CDCLI, iStock)
Nassau County aims to salvage $6M rent relief program
Nassau County aims to salvage $6M rent relief program
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Dick Cavett and the property in Montauk (Compass, Wikipedia)
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
Judge trashes 421a rent overcharge suit against Muss
Low interest rates and the capability for some to work from home is helping fuel the market for vacation homes, a new survey indicates. (iStock)
Pandemic continues to fuel demand for second, third homes
Pandemic continues to fuel demand for second, third homes
Widow of late General Electric CEO Jack Welch buys $23M UES mansion
Widow of late General Electric CEO Jack Welch buys $23M UES mansion
Widow of late General Electric CEO Jack Welch buys $23M UES mansion
State Sen. Jabari Brisport and a rendering of 840 Atlantic Avenue (Getty, IMC Architecture, iStock)
How a senator’s vampire politics hurt real estate — and NYC
How a senator’s vampire politics hurt real estate — and NYC
CoStar CEO Andy Florance and REBNY president James Whelan (Getty, iStock, REBNY)
Brokerage execs gush over REBNY, CoStar listing portal. Agents aren’t sold
Brokerage execs gush over REBNY, CoStar listing portal. Agents aren’t sold
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...