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Home ownership rate falls to third lowest on record

Staff writer |
National vacancy rates in the first quarter 2016 were 7.0 percent for rental housing and 1.7 percent for homeowner housing, the Department of Commerce’s Census Bureau announced.




The rental vacancy rate of 7.0 percent was 0.1 percentage point lower than the rate in the first quarter 2015 and virtually unchanged from the rate in the fourth quarter 2015.

The homeowner vacancy rate of 1.7 percent was 0.2 percentage points lower than the rate in the first quarter 2015 and 0.2 percentage points lower than the rate in the fourth quarter 2015

The homeownership rate of 63.5 percent was 0.2 percentage points lower than the first quarter 2015 rate (63.7 percent) and 0.3 percentage points lower than the fourth quarter 2015 rate (63.8 percent).

For the first quarter 2016, the rental vacancy rate was highest outside Metropolitan Statistical Areas (MSAs) (9.6 percent). The rates inside principal cities (6.7 percent) and the suburbs (6.6 percent) were not statistically different from each other.

The rental vacancy rate inside principal cities was lower than the first quarter 2015 rate, while the rates in the suburbs and outside MSAs were not statistically different from the first quarter 2015 rates.

The homeowner vacancy rate was lowest in the suburbs (1.5 percent). The rates were higher outside MSAs (2.0 percent) and inside principal cities (1.9 percent), though these rates were not statistically different from each other.

The homeowner vacancy rate outside MSAs was lower than the first quarter 2015 rate, while the rates inside principal cities and in the suburbs were not statistically different from the first quarter 2015 rates.

For the first quarter 2016, the rental vacancy rates were highest in the South (8.8 percent), followed by the Midwest (7.7 percent). The rates were lowest in the Northeast (5.4 percent) and West (5.1 percent), though these rates were not statistically different from each other.

The rental vacancy rates in each of the four regions were not statistically different from their corresponding first quarter 2015 rates.

The homeowner vacancy rate was lowest in the West (1.2 percent). The rates in the Northeast (1.9 percent), Midwest (1.7 percent) and South (2.0 percent) were not statistically different from each other.

The homeowner vacancy rate in the South was lower than the first quarter 2015 rate, while the rates in the Northeast, Midwest and West were not statistically different from the first quarter 2015 rates.


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