More Americans own their homes than ever before

Real Estate Watch

August 04, 1996

The number of Americans who own their homes stands at the highest level ever -- 66.1 million as of the end of June, according to the U.S. Department of Housing and Urban Development.

HUD reports that the nation's homeownership rate climbed a record 1.6 points from the second quarter of 1994 to the second quarter of 1996, the fastest pace since quarterly statistics were first compiled in 1965. During that two-year period, the number of homeowners increased by 3.3 million individuals or families, .. pushing the rate of national homeownership to 65.4 percent, a 15-year high.

Housing Secretary Henry C. Cisneros attributes the increase in homeownership to HUD's National Homeownership Strategy, which seeks to raise the housing ownership rate to 67.5 percent by 2000.

Eighty percent of the families with incomes equal to or greater than the median family income own their homes, while 49 percent of those with less than the median income are homeowners.

From the standpoint of age, 75.5 percent of those between 45 and 54 own their homes, as do 80 percent of those age 55 to 64, and 78.9 percent of Americans 65 and older.

Forty-four percent of African-Americans own their homes, as do 43.9 percent of Hispanics and 71.7 percent of whites.

At 70.5 percent, the Midwest has the highest homeownership rate. Following the Midwest is the South with 67.2 percent; the Northeast, 62.3 percent and the West, 59.8 percent.

Pub Date: 8/04/96

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