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Homeownership Rate by Age, 2017

Tuesday, May 1, 2018

By Cheryl Russell, American Consumers Newsletter

The homeownership rate increased in 2017, rising to 63.9%, according to the Census Bureau's Housing Vacancy Survey. That is the first increase in more than a decade. Does the rise mean the housing market is returning to normal? Not likely, since the advancing age of first-time home buying (the age at which the homeownership rate first surpasses 50%) shows no signs of retreating.

Householders aged 30 to 34 were once the nation's first-time home buyers. But their homeownership rate has fallen by a stunning 11.7 percentage points since the overall homeownership rate peaked in 2004 – the largest decline of any age group. With a homeownership rate of just 45.7% in 2017, householders aged 30 to 34 are no longer the nation's first-time homebuyers. That distinction now belongs to householders aged 35 to 39.

Homeownership Rate by Age, 2017
(and percentage point change since 2004 peak)

Under age 25: 22.6% (-2.6%)
Aged 25 to 29: 32.1% (-8.1%)
Aged 30 to 34: 45.7% (-11.7%)
Aged 35 to 39: 56.4% (-9.8%)
Aged 40 to 44: 61.8% (-10.1%)
Aged 45 to 54: 69.3% (-7.9%)
Aged 55 to 64: 75.3% (-6.4%)
Aged 65-plus: 78.7% (-2.4%)

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