Homeownership rate falls to 68.1%, a four-year low

While more homes were built in the past year, fewer American households were living in their own home at the end of the third quarter than did a year before. The number of homes occupied by their owner fell by a half million in the past year to 75.2 million.
As a result, the homeownership rate fell to a four-year low of 68.1% in the third quarter, the government said. The homeownership rate measures the percentage of occupied housing units that are occupied by owners; it peaked at 69.2% in the first quarter of 2006.
Meanwhile, the number of housing units occupied by renters rose by 1.1 million to 35.1 million, an indication of how high housing prices have made ownership unaffordable for many households.
The trend toward second homes is evident in the government data, accounting for most of the new housing stock. The number of unoccupied seasonal homes rose by 14% to 4.6 million, while the number of vacant year-round homes that are neither for rent nor for sale rose by 8% to 7.4 million.
Only about 11% of the extra vacant units were for sale at the end of the quarter. The number of vacant housing units for sale rose by 139,000, or 7%, to 2.1 million. Vacant units for sale spiked by 38% in 2006, but have since stabilized at a high level.
The vacancy rate for units typically occupied by owners rose to 2.7% from 2.6% in the second quarter. It was at 2.5% a year ago.
The vacancy rate for units typically occupied by renters rose to 9.8% from 9.5% in the second quarter. It was at 9.9% a year ago.

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