Homeowners Keep Getting Older

Despite reports of home price cuts, costs remain elevated, ultimately causing the homeownership rate to drop. At 65.6%, the average homeownership rate is below the 25-year average of 66.4%, according to the National Association of Home Builders’ Eye On Housing blog. The homeownership rate for younger generations is even lower. As of Q2 2024, the homeownership rate for those under the age of 35 decreased to 37.4%.

The homeownership rates for householders under 35, between 35 and 44, and 65 and over decreased compared to a year ago. The homeownership rates among householders under 35 experienced a 1.1 percentage point decrease from 38.5% to 37.4%. Followed by the 35-44 age group with a 0.9 percentage point decrease from 63.1% to 62.2%. Next, were households with ages 65 years and over, who experienced a modest 0.3 percentage point decline. However, homeownership rates for the 45-54 age group inched up to 71.1% in the second quarter of 2024 from 70.8% a year ago. The homeownership rate of 55-64 year olds edged up to 75.8% from a year ago.

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