US homeownership rate of 62.9 percent matches a 51-year low
(AP) – The proportion of U.S. households that own homes has matched its lowest level in 51 years – evidence that rising property prices, high rents and stagnant pay have made it hard for many to buy.
The Census Bureau says just 62.9 percent of households owned a home in the April-June quarter this year. That equaled the homeownership rate in 1965, when the census began tracking the data.
The trend appears most pronounced among millennial households, ages 18 to 34, many of whom are straining under the weight of rising apartment rents and heavy student debt. Their homeownership rate fell 0.7 percentage point over the past year to 34.1 percent. That decline may reflect, in part, more young adults leaving their parents’ homes for rental apartments.