The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Census Bureau report on the homeownership rate in the second quarter:
“The homeownership rate rose by a decimal point to 63.7% over the quarter, but there was a more worthy gain of a near full percentage point from one year ago. The addition of 1.2 million households being homeowners is clearly a good news, as more households are participating in housing equity gains. But let’s keep it in perspective: there are fewer homeowners today compared to a decade ago, while renter households have risen by 8 million. So it is still the case that the massive $7 trillion in housing wealth gains from the cyclical low point has been accumulated by a fewer number of families in America. Further advances in homeownership are required to strengthen and broaden the middle class.”
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.