US Homeownership Rate Falls to Lowest Level in 5 Years

Elevated mortgage rates contribute to keeping prospective buyers from owning a home.

Homes await buyers in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

The homeownership rate in the United States declined to 65.1 percent in the first quarter of this year, 0.6 percentage points lower than in the previous quarter, the Census Bureau said in a statement on April 28.

“This quarter’s homeownership rate is the lowest since Q4 of 2019,” real estate listings website Realtor said in an April 28 report. “The homeownership rate spiked in early 2020 before settling in the mid 65%–66% range through the pandemic and the years following.”