Homeownership Rate in the U.S. Tumbles to the Lowest Since 1965
The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report just released. As rising prices put buying out of reach for many renters, it was the second straight quarterly decrease, down from 63.5 percent in the previous three months. Mark Vitner, a senior economist at Wells Fargo Securities LLC, commented, “One of the biggest hurdles now is affordability. Home prices are rising so much faster than incomes, so it’s hard for buyers to save for a down payment.” First-time buyers in particular have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings.