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Today, the U.S. Census Bureau released Residential Vacancies and Homeownership in the Second Quarter 2016 revealing that Americans continue to experience difficulty transitioning into homeownership.
The Bureau reports:
- The national vacancy rate for rental housing in 2016’s second quarter was 6.7, which is not statistically different from the second quarter of 2015 or first quarter of 2016
- The national vacancy rate for homeowner housing in the second quarter of 2016 was 1.7 percent, also not statistically different from the second quarter of 2015 or first quarter of 2016
- The homeownership rate of 62.9 for the second quarter of 2016 was .5 percentage points lower than the second quarter of 2015 when it was 63.4 percent and .6 percentage points lower than the first quarter of 2016 (63.5 percent)
Contributing to the decreased homeownership rate are high home and rental prices; rents in particular prevent renters from incurring enough savings to buy a home, but have not yet peaked enough to make renting and buying comparable. The report reveals that the median asking rent for vacant units in the second quarter 2016 was $847, and the median price for vacant sale units was $164,500.
For the first time ever, the Census report began collecting the homeownership rates for Asian or Native Hawaiian and Pacific Islander householders. This broadened data collection helps provide a more accurate depiction of homeownership in the U.S., allowing us to better understand the challenges and successes of potential and current homeowners.
Further Homeownership Rate Findings Q2 2016:
- Non-Hispanic White householders reporting a single race had a rate of 71.5
- The rate for Asian or Native Hawaiian and Pacific Islander householders was 53.7
- Hispanics of any race had a rate of 45.1
- Black Alone householders had a rate of 41.7
To view the full report, please, click here.