Home Ownership Rate Lowest in 20 Years

Washington, DC, Oct. 29, 2014 -- Home ownership in the U.S. has dropped to the lowest rate in two decades, according to the U.S. Census Bureau.

The report showed declines across the country and at most income levels.

The government reported that the homeownership rate--owner-occupied homes--fell to 64.4% in the third quarter.

That's down almost a full percentage point from last year and is the lowest percentage since 1994.

“The steady decline in the homeownership rate is partially the result of tight lending conditions and a historically low share of first-time buyers,” Josh Miller, an economist with the National Association of Home Builders, wrote in a blog post.

Also, the share of rentals that are vacant also recently hit the lowest level since the mid-1990s.