The homeownership rate dipped in 4Q 2021 to 65.6% as buyers struggle to find homes. The Midwest (70.1%) has the highest rate, the West (60.5%) has the lowest.
WASHINGTON – The U.S. Census Bureau says the nation’s homeownership rate was essentially unchanged in 2021, though in the fourth quarter, it dipped by a 0.3 percentage point to 65.5% from 65.6% in the first quarter.
The Midwest had the highest homeownership rate at 70.1%; the West had the lowest at 60.5%.
The rate among adult age 35 and younger was 38.3%, but the rate jumps to 61.4% among those in the next 10-year age range. The oldest age group, those 65 or older, had a rate of 79.4%.
The rate for all age groups with the exception of those 35 to 44 was slightly lower than in the fourth quarter of 2020.
The Census Bureau also reported that white, non-Hispanics had the highest ownership rate at 74.4%, largely unchanged from the previous fourth quarter. However, the rate of Black homeownership dropped 1 point to 43.1%, further widening a gap that had been narrowing prior to the pandemic.
Homeownership among Asians, Native Hawaiians and Pacific Islanders rose 1.6 points year-over-year, while the rate for Hispanics declined slightly.
Meanwhile, the homeowner vacancy rate in the fourth quarter was 0.9% compared to 1% a year earlier, but it declined a half point since the beginning of the pandemic. The rental vacancy rate was up 0.7 point from the prior quarter, nearly a point lower than in the fourth quarter of 2020.
Source: Mortgage News Daily (02/03/22) Swanson, Jann
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