News
Homeownership Rate Hits Two-Decade Low
Census Bureaus figures released today show that 63.7% of Americans owned their homes in the first quarter, the lowest share since 1993. Stagnant wage growth coupled with limited home supply and rising prices helps explain the 22-year nadir in home ownership and surge in renting. There were 1.9M more rented units in the first quarter compared to the previous year. Meanwhile, the number of owned units fell by 386K. The rental vacancy rate fell to 7.1&, its lowest point since 1986. The nationwide median asking rent was $799. [Bloomberg]
