The U.S. homeownership rate was 65.6% in the second quarter, flat compared with the first quarter and down slightly compared with the second quarter of 2023, according to the U.S. Census Bureau.
However, the homeownership rate for the heads of households under the age of 35 decreased to 37.4% – a 1.1 percentage point decrease from 38.5% in the first quarter. That’s because many first-time homebuyers are waiting on the sidelines for mortgage rates and home prices to decrease.
The homeownership rates for householders aged under 35, between 35 and 44, and 65 and over all decreased compared to a year ago.
The 35-44 age group saw a 0.9 percentage point decrease in homeownership rate, from 63.1% in the first quarter to 62.2% in the second quarter.
Households with ages 65 years and over experienced a modest 0.3 percentage point decrease compared with the previous quarter.
However, the homeownership rate for the 45-54 age group increased to 71.1% in the second quarter – up from 70.8% a year ago.
The homeownership rate of 55-64 year-olds edged up to 75.8% from a year ago.
Photo: Maria Ziegler