The rate for black Americans rose more than two percentage points from 2Q's record low
The U.S. homeownership rate rose in the third quarter to match an almost five-year high set in the final three months of 2018, the Census Bureau reported on Tuesday.
The 64.8% share of American households that own their residences increased from 64.1% in the second quarter, the report said. The rate has been trending higher since reaching a five-decade bottom in 2016 after 10 million families lost homes to foreclosure in the wake of the financial crisis sparked by defaults on risky mortgages.
The home-ownership rate for black Americans rose more than two percentage points to 42.7%, the highest since the end of 2018, from the record low set in the prior quarter.
The rate for Hispanic households was 47.8%, rising over a percentage point from 46.6% in the second quarter to reach the highest level since 2018’s first quarter when it was 48.4%, Census data showed.
White households had a home-ownership rate of 73.4%, the highest since 2018’s fourth quarter when it was 73.6%.
The overall rate was highest in the Midwest, at 69%, followed by the South, at 66.2%, the Northeast, 61.7%, and the West, 60.6%.