Homeownership rate falls to 63.7%, lowest since 1993 - The Detroit News
homeownership rate fell to the lowest level in more than two decades, extending a multiyear decline as rising prices and stagnant wages keep young families out of the property-buying market. The share of Americans who own their homes was 63. 7 percent in the first quarter, down from 64 percent in the prior three months, the Census Bureau said in a report Tuesday. Entry-level buyers are struggling to save enough money to purchase homes as gains in U. S. real estate prices outstrip increases in wages, while mortgage lending remains tight. The median household income in March grew 2. 1 percent from a year earlier while the median home price gained 7. 8 percent in the same period. Last year, the share of home purchases by first-time buyers fell to the lowest level in almost three decades, according to the National Association of Realtors. The vacancy rate for rented homes in the U. S. fell to 7. 1 percent in the first quarter from 8. 3 percent a year earlier, the Census Bureau report showed. The number of renter-occupied units increased by almost 1. 9 million from a year earlier, the census data showed, indicating growth in household formations. Source: www.detroitnews.com
