The US Homeownership Rate Tumbled To A 19-Year Low

Homeownership rates are tumbling.

According to new Census data, the homeownership rate fell to 64.4% in the third quarter, down 0.9% year-over-year. This is the lowest level since the first quarter of 1995.

While this is a secular trend that’s often blamed on young people, who are flocking to cities and eschewing (or at least putting off) homeownership at a greater rate than their parents, older adults have actually abandoned owning homes at a slightly greater rate. In the first quarter of 2008, nearly 67% of people aged 35-44 owned homes. Now the number is barely above 59%. The percentage of people under 35 owning homes only fell five percentage points, to 36% from 41%.

In more bad housing news, the S&P/Case-Shiller home price index out this morning showed the home prices fell 0.15% month-over-month in August.

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