Homeownership across the country fell to its lowest rate in nearly 18 years, according to new data by Census Bureau. For the first quarter of the year, the rate of homeownership was 64.8 percent, not taking into account seasonal adjustment. At the end of last year, the rate was 65.2 percent.
The West was the region with the lowest rate of homeownership last quarter at 59.4 percent, reflecting the higher home prices of the major metros. In the South, the share of people owning their home was 66.5 percent in the first quarter, slipping from 67.1 percent during the three months before.
The Census Bureau reported that only 36.2 percent of Americans 35 years old or younger owned their own homes. That share has steadily been slipping over the last few years. For instance, in the first quarter of 2008, 41.3 percent of that age group owned their own place, raising questions about affordability.