
The reported homeownership rate of 67.9% in the second quarter of this year, up from 65.3% last quarter, makes for a new record — yet there are some questions about the data.
According to the Commerce Department (download), the current homeownership rate is the highest since Q3 of 2008.
The reported increases are consistent with both existing and new home sales in June, the National Association of Home Builders reported, but cautioned that the method of collecting data for the homeownership numbers had changed to do the COVID-19 pandemic.
The Census Bureau’s Housing Vacancy Survey, normally done through in-person interviews, “by telephone contact attempts for all housing units, including those that would normally have been in-person interviews.”
As a result, NAHB said, the response rate to the survey was 12% lower than the response to the same survey at the same time last year.
MarketWatch broke down the statistics by age group and found the highest increase in homeownership rates to be among those 35 years old and younger.
“Part of the increase we’re seeing is likely due to changes in the way the U.S. Census Bureau collected data,” said realtor.com Chief Economist Danielle Hale. “The housing market is doing really well. It’s likely the homeownership rose, but I don’t think it’s likely that it rose that much.”