Q1 Homeownership Rates Drop to Two-Year Low
Washington, DC, April 26, 2019--The homeownership rate fell for the first time in more than two years in Q1, reports The Wall Street Journal in an article by Laura Kusisto.
“The homeownership rate fell to 64.2% in the first quarter from 64.8% in the fourth quarter, according to U.S. Census Bureau figures released Thursday-a notable drop for a number that barely moves from one quarter to the next. After more than a decade of declines, the homeownership rate had been reliably on the upswing since the beginning of 2017 and was nearing its historic average of around 65%.
“First-time buyers ‘are hitting a bit of an affordability ceiling here,’ said Zillow director of economic research Skylar Olsen.
“A rising homeownership rate primarily reflects younger households successfully making the transition from renting to owning, which for many families is critical to saving for retirement and other big expenses. Those households have struggled in recent months as mortgage rates have risen and there has been a shortage of lower-priced inventory.”
Related Topics:U.S. Census Bureau