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U.S. Census Bureau Data Shows Drop In Homeownership

Homeownership rates for the fourth quarter in 2014 were the lowest they have been in six years according to information released by the U.S. Census Bureau. About 64 percent of homes were owned by occupants as of the fourth quarter in 2014, a drop from the third quarter rate of 64.4. This is the lowest rate for any quarter since at least 1995, the first year listed in the Bureau’s statistics.

Homeownership rates were highest in the Midwest at 68.3 percent and lowest in the West at 58.6 percent. The Northeast rate was 61.9 percent and the South rate was 65.5 percent. The Midwest, Northeast, and South all had rates lower than the 2013 fourth quarter numbers.

Age matters when it comes to ownership. Older residents are more likely to own their own home. Households owned by residents 65 or older had the highest percentage of ownership rates at 79.5 percent, while residents under 35 scored lowest at 35.3 percent.  The rate of homeownership can change drastically by age. While the numbers of homeowners age 35 to 44 was 58.8 percent that number jumps to 75.8 percent for owners age 55 to 64. The rates for householders under 35, 35 to 44, 55 to 64 and 65 years and over were lower than the fourth quarter 2013 rates.

In terms of race, non-Hispanic whites had the highest ownerships rates at 72.3 percent, with all other races households came in second at 55.3 percent. The homeownership rates for Hispanic, who can be of any race, homes was 44.5 percent. Black households had the lowest ownerships rates at 42.1 percent. The homeownership rates for non-Hispanic white and black alone householders were lower than the fourth quarter 2013 rates, while the rate for all other race householders was not statistically different from the rate last year.

Households with family income greater than or equal to the median family income had a higher ownership rate at 79 percent compared to households with family income less than the median family income at 49 percent. Both rates were lower than the fourth quarter 2013 rates.

About Author: Samantha Guzman

Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past.
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