US Home Ownership at 50Yr Lows
The US home ownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.
The share of Americans who own their homes was 62.9% in Q-2, the lowest since Y 1965, according to a Census Bureau report Thursday. It was the 2nd straight Quarterly decrease, down from 63.5% in the prior Q.
The drop extends a years-long decline from the last housing boom, in part because of tight credit and a shift toward renting in the aftermath of the crash.
1st-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings.
Home prices rose 5.2% in May from a year earlier, according to the S&P CoreLogic Case-Shiller index of values in 20 cities released this week.
The US home ownership rate reached a high of 69.2% in June 2004.
The home ownership rate for Americans ages 18-34 fell to 34.1% in Q-2 from 34.8% a year earlier, the US Census Bureau said. The decline is within the margin of error for that age group of 0.8%.