Homeownership rate at 12-year high

Homeownership rate at 12-year high

Homeownership rate at 12-year high
The homeownership rate in the U.S. saw a major increase in Q2 2020. According to the U.S. Census Bureau, the national rate of homeownership reached 67.9 percent, an impressive increase from 65.3 percent in the previous quarter and 64.1 percent last year. The Q2 figures are the highest since 2008.

Those over 65 years old topped the list with 80.4 percent of Americans in that age group owning their own home. Those under the age of 35 also attributed to the increase going from 36.4 percent to 40.6 percent of total property owners over the last year.

The peak of homeownership was reached in 2004 when nearly seven of out every 10 Americans owned their own home. That percentage began to steadily decline to a low of 62.9 percent in 2016.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.