Saturday, November 12, 2011 / by Nathan Clark
According to the U.S. Census Bureau, the rate of ownership for the third quarter was 66.3 percent, a bump from the 65.9 percent rate of the second quarter. While a seemingly modest increase – less than half a percentage point – it has turned some heads because many expected the rate to drop further.
The data from the Census Bureau reveal that younger buyers are not buying as many homes as they did as recently as 2007, when the rate for the under-35 group was 42 percent compared to 38 percent now. In the 35-to-44 group, the rate has dropped from 65.2 percent in 2007 to 63.4 percent today. Homeownership rates of those older than 44 have remained mostly unchanged.
The overall national rate peaked in 2004 at almost 70 percent.
The Midwest leads the nation in homeownership with a 70.3-percent rate; the South is at 68.4; the Northeast at 63.7; and the West at 60.7.