Homeownership Rate Rises for Second Time This Year
The U.S. homeownership rate rose for the second time this year as improving employment drove demand for property purchases.
The share of Americans who own their homes was 63.9 % in the third quarter, according to a Census Bureau report Tuesday. It was up from 63.7 % in the previous three months and 63.5 % a year earlier.
The housing market has benefited from strong job growth, with the unemployment rate falling in September to 4.2 %, its lowest since February 2001. Even as home prices rise, low mortgage rates and easing credit standards are helping more renters become buyers.
The homeownership rate reached a peak of 69.2 % in June 2004 and dropped to a low of 62.9 in the middle of last year.
