U.S. Homeownership Stays at Lowest Level in a Decade

U.S. Homeownership Stays at Lowest Level in a Decade

Our founding fathers recognized the critical nature of private property rights, as they were firsthand witnesses to the abuse of power that occurs when government controls private property. James Madison and others even claimed that the entire purpose of government is to protect private property. They knew that private property is the foundation to liberty and wealth creation. - Michael S. Coffman, Ph.D., Taking Liberty: How Private Property in America Is Being Abolished (Excerpt), Fall 2005

November 2, 2010

AP – The nation's homeownership rate remained at its lowest in more than a decade, hampered by a rise in foreclosures and weak demand for housing.

The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That's the same as the April-June quarter.

The last time the rate was lower was in 1999, when the rate was 66.7 percent.

The homeownership rate was around 64 percent from 1985 through 1995. It then rose dramatically during the Clinton and Bush administrations, hitting a peak of more than 69 percent in 2004 at the height of the housing boom.

After the housing bubble burst, the rate has been declining gradually.

About 18.8 million homes, or 14.4 percent of all houses and apartments, were vacant, according to the government survey. Without vacation homes, that rate would be 11 percent.

The number of vacant homes has soared over the past four years from about 16 million at the start of 2006. It has been hovering around 19 million since the end of 2008. There are around 131 million housing units nationwide, according to the Census Bureau.

About 2.5 percent of all primary residences were vacant and for sale and 10.3 percent of all year-round rental units were listed as vacant and for rent.