The U.S. homeownership rate was down to 64.2 percent in Q1 2019, down six basis points over the previous quarter, and posted virtually no annual change, according to the latest Census data.
April 26, 2019
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The U.S. homeownership rate dropped to 64.2 percent in Q1 2019, down six basis points over the previous quarter, and posted virtually no annual change, according to the latest Census data.
The number of households grew by 1.5 million homes in the first quarter of 2019 to 122.3 million, bolstered by owner household formation, while renter households grew by 458,000, according to the National Association of Home Builders' analysis. Owner households have been increasing since Q3 2016, and renter households have been trending down, though renter households were stronger in annual gains in Q1 2019, as housing affordability fell.
The rate of homeownership is still on an upward trend after dropping to a cycle low of 62.9 percent in the second quarter of 2016. Compared to the peak of 69.2 percent in 2004, the homeownership rate is 5 percentage points lower and remains below the 25-year average rate of 66.3 percent.
