With many homes listed for sale across the country ultimately selling in bidding wars, the U.S. home ownership rate must be at an all-time high, correct? Not so fast… Did you know? The U.S. Census Bureau recently announced that the U.S. home ownership rate essentially remained unchanged throughout 2021. In fact, the home ownership rate dipped in Q4 2021 to 65.6%. In short, more buyers are struggling to find homes in one of the most inventory-challenged housing markets in recent history.
Breaking down the numbers
Overall, the midwest had the highest rate of home ownership at 70%. Meanwhile, the west had the lowest rate of home ownership at 60.5%. As for home ownership by age groups, decreases as compared to Q4 2020 were seen throughout all age groups with the exception of Americans aged between 35 to 44. Home ownership by age group was as follows:
- 35 yrs and younger = 38.3%
- 35 to 44 years = 61.4%
- 45 to 54 years = 69.4%
- 55 to 64 years = 75.4%
- 65 yrs and older = 79.4%
Summary
Overall, the U.S. home ownership rate has not changed much over the past year. Although we are seeing tremendous home buyer demand, severe inventory constraints continue to suppress the overall home ownership rate. With home prices continuing to rise along with interest rates, it is likely that the home ownership rate will remain the same for the time being.
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