Americans are facing challenges to homeownership, particularly with shrinking inventories of homes for sale, yet somehow more are still finding their way to becoming homeowners.
The homeownership rate rose to its highest level in six years during the fourth quarter of 2019, a newly released report from the U.S. Census Bureau shows. The percentage of Americans who own their home increased to 65.1%, the highest ownership rate since the third quarter of 2013.
The rate was higher in the Midwest and South at 69.5% and 66.7%, respectively.
Homeownership rates are highest among older adults. Individuals aged 65 and older had the highest homeownership rate at 79%. In comparison, individuals below the age of 35 had a homeownership rate of 36.5%.
“The homeownership rate is a great indicator of middle-class financial well-being, so to see that rate go up is good,” says Danielle Hale, realtor.com®’s chief economist.