Posted To: MND NewsWire

The U.S. Homeownership Rate reached its highest level in nearly seven years in the first quarter of 2020. The Census Bureau said the rate, 65.3 percent, tied with the rate in the third quarter of 2013. The rate hit a multi-decade low of 62.9 percent in the second quarter of 2016. The first quarter rate was up from 65.1 percent the previous quarter and was 1.1 percent higher than in the first quarter of 2019. The rate was highest in the Midwest at 69.2 percent and lowest in the West at 60.1 percent. All four regions experienced annual increases. Homeownership was higher for all age cohorts that a year earlier and was, as usual, highest among the oldest households, those 65 years and older at 78.7 percent, an 0.2-point increase. Those under 35 years of age had the lowest rate at 37.3 percent…(read more)

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Source: Mortgage News Daily