Home Ownership Rate in the United States increased to 63.50 percent in the third quarter of 2016 from 62.90 percent in the second quarter of 2016 which it was the same as in 1965, when the US Census started tracking the metric. Home Ownership Rate refers to the percentage of homes that are occupied by the owner.
What factors drive Home Ownership rate?
There are several factors that will drive Home Ownership Rate, here are just some of those:
• Income growth
• Higher rents and housing costs
• Constrained credit
• Loss of confidence in wealth through Home Ownership
Nevertheless, owning a home is a financially savvy move because builds wealth over time, and in general makes “cents”, and indeed there is no place like Home.