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According to the Census Bureau's Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.2% in the first quarter 2018, which is statistically no different from its last quarter reading. The rate of homeownership appears to be on a sustainable upward trend after reaching a cycle low of 62.9% in the second quarter of 2016.
Compared to the peak of 69.2% in 2004, the homeownership rate is still down 5%, and remains below the 25-year average rate of 66.3%. On an annual basis, homeownership increased among all age groups under 55. The share of millennial who own a home increased from 34.3% a year ago to 35.3% in the first quarter 2018. However, it slipped 0.7% from a three-year high of 36% in the last quarter 2017.The homeownership rates of households ages 35-44 experienced a 0.8% increase, followed by the 0.6% gains registered by households ages 45-54. Read the full story by clicking here. |
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