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Homeownership Outpacing Rental Market

At 63.7 percent, the homeownership rate is almost a full percentage point up from last year at this time, according to the U.S. Census Bureau’s Quarterly Housing Vacancies and Homeownership report. With homeownership ahead of renter households for the first two quarters, it is clear that the trend toward owning a home is not a passing phase.

Ralph McLaughlin, chief economist at Trulia explains, “For only the second time in 11 years, and for the second consecutive quarter, the number of owner-occupied households grew faster than renter households over the year. The fact that we now have two consecutive quarters where owner households outpaced renters is a strong sign this trend is reversing.”

The biggest share of homeowners comes from those aged 65 or older with 78.2 percent of owned homes. Those aged 34 and younger have the smallest share of owned homes with 35.3 percent. The rental vacancy rate was also higher than the homeowner vacancy rate, with rental properties at 7.3 percent vacant and homeowner properties at 1.5 percent. The median asking price for housing for sale in the second quarter was $177,200, while the median asking rent for rental properties was $910.

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