Slowly, the nation is building up its homeownership rate, which had fallen to a half-century low last year.
HousingWire reports that the homeownership rate is up to 63.7 percent as of the second quarter, a 0.1 percentage point improvement from Q1 and a 0.8 percentage point increase from the same time in 2016.
Data from the Census Bureau show that the national vacancy rate for rental housing increased to 7.3 percent, up from 6.7 percent last year. The homeowner vacancy rate dropped to 1.5 percent, down 0.2 percentage points from 2016.
The homeownership rate of people under 35 years old jumped to 35.3 percent in Q2, up from 34.3 percent in Q1.
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