Fewer People Own Their Homes, But Don't Worry — The Market Is Fine
Homeownership is the lowest it's been in 50 years.By Ben Lawson | July 28, 2016
The homeownership rate has hit a 50-year low.
The U.S. Census Bureau said the proportion of owner-occupied homes fell to 62.9 percent this year — the lowest since 1965. That's only half a percentage point down from 2015, so it doesn't necessarily mean the market is in trouble.
The number of young people deciding to rent instead of buy is likely at least part of the reason. Only about 34 percent of 18 to 34-year-olds own their homes.