Yeah, no kidding. Most people can’t afford to buy a home in this economic climate…
Via CNS News:
(CNSNews.com) – The homeownership rate in the United States dropped to a 20-year low of 64.5 percent in 2014, according to new data released by the Census Bureau.
The homeownership rate is the percentage of households that own the home in which they live. “It is computed,” says the Census Bureau, “by dividing the number of households that are owners by the total number of occupied households.”
The last time the annual homeownership rate was lower than 64.5 percent was in 1994, when it was 64.0%, according to Table 15 in the Census Bureau’s “Housing Vacancies and Homeownership” data.
In the years since 1984, which is the first year reported on Table 15, homeownership peaked at 69.0 percent in 2004. In the last decade, according to the Census Bureau, the annual homeownership rate has steadily declined.
Among the 50 states, New York’s 2014 homeownership rate of 52.9 percent was the lowest in the nation. California was second lowest with 54.2 percent. Nevada was third lowest with 56.0 percent. Hawaii was fourth lowest with 58.4 percent. Rhode Island was fifth lowest with 61.8 percent.