The Department of Commerce and the Census Bureau just released their third-quarter figures concerning homeownership and vacancies, and data from the past three months shows a two-year trend might be reversing.
Specifically, the percentage of Americans owning homes increased to 63.7 percent, up from 63.4 percent in 2015’s second quarter. However, while the amount bucks the current path, it’s still down year to year; for third quarter 2014, both organizations determined 64.4 percent of Americans owned homes.
The Northeast seems to be fueling most of the growth. In this region, homeownership jumped from 60.2 percent in Q2 to 60.8 percent in Q3.
The South wasn’t far behind, with a slight jump from 64.9 percent to 65.4 percent over this period. The West Coast, too, saw homeownership rates go from 58.5 percent to 58.7 percent. However, rates in the Midwest decreased 0.3 percent.
Reflecting the national trend, year-to-year rates are still down in the Northeast and remained flat in the West and South.
Out of al demographics, Millennials – those under 35 years of age – increased a whole percentage point from Q2 to Q3: 34.8 percent to 35.8 percent. The next demographic – 35 to 44 – also saw some growth, going from 58 percent to 58.1 percent. And, mirroring homeownership patterns, those in the 55 to 64 age group saw homeownership rates decline from 75.4 percent to 75.3 percent.
The Department of Commerce and the Census Bureau further measured vacancy rates, or the amount of properties without any ownership. Their figures show that 87.1 percent of all U.S. housing is occupied, while 12.9 percent is empty. Out of occupied properties, 55.5 percent are owned, while 31.6 percent are rented. For those vacant, 9.7 percent is empty year round, while 3.2 percent is only seasonal.
As homeownership in the Northeast is growing, consider purchasing a property through By Carrier. Explore our Central Connecticut communities online, and then contact us for more information.