U.S. HOMEOWNERSHIP RATE HOLDS STEADY

February 19, 2007

Nearly 75.8 million of 109.9 million American households were owner-occupied during the fourth quarter of 2006, maintaining a national homeownership rate that has hovered around 69 percent for 12 consecutive quarters, the U.S. Census Bureau reported last week. Regionally, the homeownership rate was lowest in the West at 64.5 percent and highest in the Midwest at 73 percent. Among age groups, the rate of homeownership was 81.2 percent for those aged 65 and up; 80.7 percent for those between 55 and 64; 76.4 percent for those between 45 and 54; 68.9 percent for those between 35 and 44; and 42.8 percent for those 35 and younger. The homeownership rate for households earning a family income equal to or greater than the median family income was 84.5 percent last quarter.

The Census also reported that more than 16.7 million housing units stood vacant nationwide at the end of 2006, up from 15.6 million vacant units at the end of 2005. The vacancy rate for owned units jumped to a record 2.7 percent, up from 2 percent a year earlier. At the end of 2006, 2.1 million vacant homes were listed for sale.

source: C.A.R.

Posted in Lending, Real Estate, Things of Interest