Closing In on 5-Year High: Homeownership Rate Ticks Up

David Deem
714-997-3486


Homeownership is inching up.

According to Census data from the fourth quarter of 2018, newly released, the homeownership rate rose to 64.8 percent—its highest since 2014, and building on an incrementally rising trend.

Looking at the prior year, in the fourth quarter of 2017, the homeownership rate was 64.2 percent, and compared to the last quarter, in the third quarter of 2018, the homeownership rate was 64.4 percent.

The clear homeownership leader is the Midwest, where the homeownership rate is 69.3 percent. Second is the South, where the homeownership rate is 66 percent, followed by the Northeast at 61.3 percent and the West at 60.9 percent. Notably, the biggest change was in the West, where the homeownership rate surged, up from 60 percent in the fourth quarter of 2017.

In keeping with trend, the highest homeownership rates are among whites (defined as "Non-Hispanic White Alone households"), at 73.6 percent, and those aged 65 and up, at 78.8 percent. The Asian/Native American/Native Hawaiian/Pacific Islander homeownership rate is 58.1 percent, while the black homeownership rate is 42.9 percent—the latter the lowest in the segment. The Hispanic homeownership rate is 46.9 percent—a figure that hasn't grown substantially year-over-year.

Among millennials, the homeownership rate is 36.5 percent—a dip from 36.8 percent in the third quarter of 2018.

Homeownership has hovered in the 64 percent range for some time, Census data show. The last peak was in the third quarter of 2013, when it was 65.3 percent.

www.DeemTeam.com
DRE#01266522

Location: Orange, CA, USA

Comments

Post a Comment

Popular posts from this blog

Orange County Housing Summary: June 27, 2023

Image
David Deem Broker Associate 714-997-3486 Dave@DeemTeam.com   ·        The active listing inventory in the past couple of weeks increased by 85 homes, up 4%, and now sits at 2,281. Regardless, it is the lowest level for an end to June since tracking began in 2004. In May, 45% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,879 less. Last ye ar, there were 3,491 homes on the market , 1,210 more homes, or 53% higher . The 3-year average before COVID (2017 to 2019) was 6,633, or 191% more, nearly triple. ·        Demand, the number of pending sales over the prior month, increased by 7 pending sales in the past two weeks, nearly unchanged, and now totals 1,602, the lowest level for an end to June since tracking began in 2004. Last year, there were 1,861 pending sales, 16% more than today . The 3-year average before COVID (2017 to 2019) was 2,679, or 67% more . ·        With the supply rising, the Expected Market Time, the number of days to sell
Read more

Orange County Housing Summary:May 2, 2023

Image
David Deem 714-997-3486 Dave@DeemTeam.com   ·        The active listing inventory in the past couple of weeks increased by 34 homes, up 1%, and now sits at 2,076, this first substantial rise of the year. Nonetheless, it is the lowest level at the end of April since tracking began in 2004. In April, 49% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,983 less. Last ye ar, there were 2,104 homes on the market, 28 more homes, or 1% higher. The 3-year average before COVID (2017 to 2019) was 6,002, or 189% more. ·        Demand, the number of pending sales over the prior month, increased by 43 pending sales in the past two weeks, up 3%, and now totals 1,706, the lowest end-of-April reading since 2020 during the COVID lockdown. Last year, there were 2,154 pending sales, 26% more than today. The 3-year average before COVID (2017 to 2019) was 2,780, or 63% more. ·        With the inventory and demand rising at a similar rate, the Expected Market Tim
Read more

Orange County Housing Summary: September 20, 2022

Image
  David Deem 714-997-3486 Dave@DeemTeam.com          ·         The active listing inventory in the past couple of weeks decreased by 304 homes, down 2%, and now sits at 3,638, its lowest level since June. In August, there were 30% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 1,054 less. Last ye ar, there were 2,289 homes on the market , 1,349 fewer homes, or 37% less . The 3-year average prior to COVID (2017 to 2019) was 6,520, or 79% more. ·         Demand, the number of pending sales over the prior month, decreased by 75 pending sales in the past two weeks, down 4%, and now totals 1,756. It is still the lowest reading for mid- September since 2007. Last year, there were 2,623 pending sales, 49% more than today . The 3-year average prior to COVID (2017 to 2019) was 2,363, or 35% more . ·         With demand dropping faster than the supply of homes , the Expected Market Time, the number of days to sell all Orange County listin
Read more