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 U.S. 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.”
Realtor attributed the decline in homeownership rate in the first quarter to a lack of affordable housing.
“Though inventory levels continue to rise on an annual basis, the number of homes for sale is still below pre-pandemic levels, which has kept upward pressure on home prices and limited affordable options for many households,” it said….