U.S. Homeownership rate

Homeownership rate steadies
The U.S. homeownership rate remained relatively unchanged in 2021.

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.

At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.

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