The U.S. homeownership rate, which has slowly made a comeback after reaching a low-point in 2016, slipped slightly in Q2 2019. According to the Census Bureau, the rate fell on both a monthly and yearly basis to 64.1 percent. The homeownership rate in the costlier West was even lower as of the end of June at 59.3 percent.
The number of households in the U.S. that owned their home fell steadily for the 10 years following the Great Recession but began to reverse course in 2016 after hitting a low of 62.9 percent.
Homeownership is the highest among those 65 years of age or older at 78.0 percent and lowest for Millennials (those under 35) at 36.4 percent.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.