An historic downturn in housing, didn’t stop the growth of homeowners who grew between the second and third quarter.
The American homeownership rate rose slightly to 66.3 during third quarter 2011, up from 65.9 percent in second quarter, according to data released today by the U.S. Census Bureau. Rental vacancy nationally was 9.8 percent during the quarter, down from 10.3 percent this time last year but up from 9.2 percent in second quarter. Rental vacancy hit a recent-year peak of 11.1 percent during third quarter 2009, according to the data.
The homeownership rate among under-35 buyers is now at 38 percent, versus 42 percent in 2007. During third quarter 2011, adults ages 35 to 44 had a 63.4 percent homeownership rate, down from 65.2 percent this time last year and 70.1 percent in 2005. Adults in the 45 to 54 year old age range had a 72.7 percent homeownership rate, down slightly from 73 percent this time last year and from 76.7 percent in third quarter 2005.
These results from the Bureau indicate that, in the future, those who buy will wait longer to buy, until their late 30s or even early 40s, and then remain homeowners into their older years as prior generations have.
Find out more about the findings at MSN
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