Scotsman Guide > News > July 2018 > News Story

 Enter your e-mail address and password below.


Forgot your password? New User? Register Now.

News Archives

Subscribe icon Subscribe to our weekly e-newsletter, Top News.

U.S. homeownership climbs on millennial surge

The U.S. homeownership rate hit a four-year high in the second quarter on a surge in millennial homeownership, but the troubling low rates for black and Hispanic Americans have worsened, U.S. Census Bureau data indicates.

fredbloghome(1)Seasonally adjusted, the overall U.S. rate clocked in at 64.4 percent (or 64.3 percent without adjustment), up 10 basis points from the first quarter and the highest level since the second quarter of 2014 (64.8 percent).

The homeownership rate for millennials hit the highest level since the fourth quarter of 2013. The rate for buyers under the age of 35 clocked in at 36.5 percent, up 1.2 percentage points from the first quarter.

Black and Hispanic rates fell, however.

The black homeownership rate dropped 60 basis points to 41.6 percent, a nearly two-year low. This is close to the third-quarter 2016 low point of 41.3 percent, which was the weakest black homeownership rate in 50 years.

The Hispanic homeownership rate fell 1.8 percentage points to 46.6 percent after a surge in the first quarter, and fell roughly to the same level that it averaged in 2017.

The white homeownership rate rose 50 basis points to 72.9 percent, also a four-year high. 

National Association of Realtors Lawrence Yun said the report presented a mixed message about the market. On the one hand, he said, the overall rate has been "scratching along the bottom" for several years.

"Even a decimal point increase is a welcome trend," Yun said during a telephone interview. "The fact that the younger people are getting back into the market, that is encouraging." 

He said the falling African-American homeownership rate, however, was "a very discouraging sign for society."

Yun also said the homeownership rate remains nearly 2 percentage points lower than its historic average.

"Historically, at this phase in the economic recovery, meaning consistent job creation that has been happening, the homeownership rate should be closer to about 66 percent," Yun said. "Right now we are at 64 [percent] and change, so we have a little more additional room to grow. I think we are under the 66 percent, or long-term average, because of the housing shortage and affordability challenges. We need more inventory to show up, to keep the prices more manageable. If that is the case, the homeownership rate can increase at a faster rate."  


Questions? Contact at (425) 984-6017 or

Get the latest news and articles from Scotsman Guide straight to your inbox.

Send me the following e-mails:

Learn more about Scotsman Guide e-mails

Thank you for signing up to receive e-mails from Scotsman Guide.

A confirmation e-mail has been sent to the address you provided.

For questions regarding your e-mail subscriptions please contact or call (800) 297-6061.

Fins A Lender Post a Loan
Residential Find a Lender Commercial Find a Lender
Follow Us:Visit Scotsman Guide Facebook pageVisit Scotsman Guide LinkedIn pageVisit Scotsman Guide Twitter page


© 2019 Scotsman Guide Media. All Rights Reserved.  Terms of Use  |  Privacy Policy