Homeownership in the US is on the upswing

The homeownership rate hit almost 64% in Q3

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.

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“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