U.S. Homeownership Rate Falls to the Lowest Level Since the 1960s

By Kathleen M Howley in Bloomberg Business
July 28, 2015

The share of Americans who own their homes fell to the lowest level in almost five decades, extending a multiyear decline as families struggle to regain ground lost during the financial crisis and rentals gain favor.

The U.S. homeownership rate was 63.4 percent in the second quarter, down from 63.7 percent in the previous three months, the Census Bureau reported Tuesday. It was lowest reading since 1967.

Would-be homebuyers have been held back by stringent mortgage standards and wage growth that hasn’t kept up with surging home prices. The average household income in June was 4 percent below a record high set in early 2008, even as unemployment dropped to its pre-recession rate, according to Sentier Research LLC.

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