America’s homeownership rate has continued to dwindle recently. The nation’s homeownership rate fell to a 48-year low during this year’s second quarter. The seasonally adjusted homeownership rate declined to sixty three point five percent during the quarter, down from nearly 65 percent one year ago. Statistically, the reason for this pattern is clear – newly formed households are overwhelmingly choosing to rent.
The total number of households in America expanded to one hundred and seventeen million during the second quarter of twenty fifteen, up from one hundred and fifteen million during last year’s second quarter. That’s an increase of two million households. The number of rental households expanded by one point six million during that period.
The result has been rising rents, significantly multifamily housing construction and declining vacancy rates for apartments. The national vacancy rate for rental housing was less than seven percent during the second quarter, down from seven point five percent during the second quarter of twenty fourteen.
