U.S. Homeownership Rates Continue to Slip

February 3, 2008 | Filed Under Real Estate News 

The nation’s homeownership rate dipped to 67.8 percent during the fourth quarter of 2007, down from 68.9 percent from a year ago, the U.S. Census Bureau reported Wednesday. The rate has fallen steadily since the third quarter of 2006 when it reached 69 percent.

The Midwest had the highest homeownership rate at 71.7 percent followed by the South at 70 percent, the Northeast at 64.6 percent and the West at 62.7 percent. The Northeast was the only region that recorded an increase in its homeownership rate during the fourth quarter.

Homeownership was highest among whites (74.9 percent) and lowest among blacks (47.7 percent) and Hispanics (48.5 percent). Homeownership rates were higher for families with incomes greater than the median (83 percent) than for families whose incomes were below the median (50.9 percent).

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