The homeownership rate in the U.S. is trending upward, retaining the same 64.2 percent rate in the first quarter of 2018 as the last quarter of 2017, according to the Census Bureau’s Housing Vacancy Survey (HVS).
The current rate is recovering after reaching a cycle low of 62.9 percent during the second quarter of 2016. The homeownership rate reached a high in 2004 with a rate of 69.2 percent — compared to that high, the current rate is down 5 percent.
Year-over year, homeownership among all age demographics under 55 increased. The number of millennials who are homeowners increased from 34.3 percent to 35.3 percent but is still down from 36 percent in the last quarter of 2017.
The homeownership rate of ages 35-44 increased 0.8 percent annually, while those ages 45-54 saw an increase of 0.6 percent.
The non-seasonally-adjusted rate for homeowner vacancies was 1.5 percent, down 0.1 percent from the final quarter of 2017. The national vacancy rate for rentals remained at 7 percent.
HVS data says that homeowner households grew 1.1 million from last year to this year, up to 119.5 million for the first quarter of 2018. The number of homeowner households has been rising since the third quarter of 2015 — compared to the number of renter households — which has been declining since the second quarter of 2017.