The U.S. recorded a national homeownership rate of 63.7% during the fourth quarter of 2016. This is according to the U.S. Census Bureau’s current population survey/housing vacancy survey dated January 31, 2017.
The homeownership data was part of a wider press release covering national rental and homeowner vacancy rates during the said quarter at 6.9% and 1.8%, respectively.
Homeownership Rate in the US
The Census Bureau noted that the 63.7% homeownership rate during 4Q16 “was not statistically different from” those of (i) 4Q15’s homeownership rate of 63.8% and (ii) 3Q16’s homeownership rate of 63.5%.
On a seasonally adjusted basis, the homeownership rate is 63.5% for the fourth quarter of 2016.
During 4Q16, the Midwest recorded the highest homeownership rate with 68.4%, followed by the South with 65.3%, the Northeast with 60.4%, and the West with 59.0%.
The Northeast homeownership rate in 4Q16 was lower than its 4Q15 rate, while the homeownership rates recorded in the Midwest, South, and West during the relevant quarter were not statistically different from their rates recorded in 4Q15.
The current national average rate, on a non-seasonally adjusted basis, was at its lowest since the fourth quarter of 1968 (63.6%), and on a seasonally adjusted basis, is the lowest since the fourth quarter of 1965 (63.4%).
Homeownership by Age
For 4Q16, homeownership was most prevalent in householders aged 65 and older. While householders below 35 ranked the lowest.
- 65 years and over: 79.5%
- 55 to 64 years: 74.8%
- 45 to 54 years: 69.8%
- 35 to 44 years: 58.7%
- Under 35 years: 34.7%
Homeownership by Race
In terms of race, non-Hispanic White householders had the most number of homeowners with Black Alone householders the lowest during 4Q16.
- Non-Hispanic White Alone: 72.2%
- All Other Races Total: 53.7%
- All Other Races (Asian or Native Hawaiian/Pacific Islander Alone): 56.6%
- Hispanic (of any race): 46.3%
- Black Alone 41.7%
Homeownership by Family Income
Based on income, households that earned greater than or equal to the median family income had a higher homeownership rate compared to those earning less than the median family income in 4Q2016.
However, the 4Q16 homeownership rate for households earning greater or equal to the median family income fell to 78.0%, compared to 78.5% in 4Q15. Inversely, there were more households with less than the median family income rose owning a home during the relevant quarter with 49.5% vis-a-vis 49.2% in 4Q15.
Lists of the 2016 homeownership rates:
- by state: http://www.census.gov/housing/hvs/data/ann16ind.html
- by region: https://www.census.gov/housing/hvs/files/qtr416/hown416.png
- by quarterly date from 1964 to present: https://www.census.gov/housing/hvs/data/histtab14.xlsx
Home and Rental Occupancy Rates
During 4Q16, the median asking price for (i) vacant for rent-units was $864 and (ii) vacant for-sale units was $167,700.
Vacancy Rates Per Area
The areas with the highest to lowest 4Q16 rental vacancy rates are:
- Outside of Metropolitan Statistical Areas (MSAs): 8.5%
- Inside Principal Cities: 7.0%
- Suburbs: 6.4%
The rental housing vacancy rates in those three areas were, according to the Census Bureau, not statistically different from their fourth quarter 2015 results.
Meanwhile, the areas with the highest to lowest homeowner vacancy rates during the relevant quarter are:
- Outside of MSAs: 2.7%
- Inside Principal Cities: 2.0%
- Suburbs: 1.5%
The 4Q16 homeowner vacancy rate outside of MSAs was higher than its 4Q15 rate, while the rates of the two remaining areas were no different from their 4Q15 rates statistically-speaking.
Vacancy Rates Per Region
The South had the highest rental vacancy rate for 4Q16 while the West ranked the lowest:
- South: 9.2%
- Midwest: 7.2%
- Northeast: 5.5%
- West: 4.2%
The South and West reprised their roles as having the highest and lowest homeowner vacancy rates during the surveyed period:
- South: 2.2%
- Northeast: 1.8%
- Midwest: 1.6%
- West: 1.3%
Home Occupancy Rates
The current Census survey found that 87.3% of the housing units were occupied and 12.7% were vacant during the relevant quarter.
Of the total occupied housing units, 55.6% were owner-occupied and 31.7% were renter-occupied.
Of the total vacant units, vacant year-round units comprised 9.5% and seasonal vacant units 3.2%.
The estimates found in the US Census Bureau’s Current Population Survey/Housing Vacancy Survey housing were detailed and explained here.Click to See the Latest Mortgage Rates»