In the US the rate that Americans own homes held steady at 65.6%. It really hasn’t changed in over a year. The combination of the price increase of real estate over the last few years and the higher interest rates combined are contributing to the ownership rates staying flat. The highest rate of homeownership in the US was in 2004 when the percentage was 69.2. The two years with the lowest percentage of homeownership was 1965 & 2016 when the rate was 62.9%.
For-sale inventory continues to improve annually but is still not at pre pandemic rates. Rental vacancy rate in the US is 6.6%. In the South we have a higher rental vacancy rate of 8.4% and the West & Northeast US have the lowest rental vacancy at 5.5%.
Realtor.com did a survey and it measured homeownership rates by age. Households under age 34 is 37.4%. Age 32-44 is at 62.2%. Age 45-54 is at 71.1%. 55-64 is at 75.8%. 65 & over is 78.6. The one area I think we will see growth in the percentage is the under 34. That group is enormous at 72.7 million people, the statistics show they are employed, high income earners and ready to own real estate.