At the end of 2014, the U.S. homeownership rate fell to its lowest level in 20 years. According to the Commerce Department, some 63.9 percent of U.S. households owned their homes in the fourth quarter, a level last recorded in the third quarter of 1994. The homeownership rate hasn’t fallen below that level since 1988. Just last year the homeownership rate stood at 65.1%. Data shows that household formation increased by 1.66 million from a year earlier, with 2 million more renter households and 350,000 fewer owner households. The homeownership rate was at its highest in 2005, when it peaked at 69.2%.
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Source: Wall Street Journal
Read the full story...
Source: Wall Street Journal