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Census data: Low home ownership rates among Millennials

In January 2016, the US Census and Commerce Departments released data detailing fourth quarter 2015 home ownership rates in the United States.  Click here to view the full press release

2015 rates started the year at 63.7% and ended the year at 63.8%. These ownership rates are some of the lowest in US history since tracking began.
The same levels were seen in 1966, 1986, and 1995.  Click here for a chart of home ownership rates in the United States since 1965.

The eighth page of the Census and Commerce press release points to a disturbing trend in home ownership rates among the youngest potential buyers.
Millennials (roughly defined as those born between 1982 and 2000) continue to delay purchasing a home. Fourth quarter 2015 reports point to an ownership rate of 34.7% among those aged under 35 years.

Several barriers to purchasing a home exist for Millennials including a tight labor market, historically high rates of student debt, large consumer debt, and the emotional impact of foreclosure endured by their parents during the Great Recession.

For more information on challenges for Millennials, please see this NAR report published last fall.

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