Has America's homeownership rate bottomed out? In the third quarter, the homeownership rate ticked up slightly, to 63.7 percent from 63.4 percent the previous quarter. It's still near its lowest point in 30 years, but it appears to have plateaued, and many economists think it may not go much lower.
The number of homeowner households increased by 123,000 in the third quarter from a year earlier. At the same time, the number of renter households increased by 1.3 million.
The latter figure may be holding back the rate of homeownership. Home prices are rising faster than incomes, forcing many would be homeowners to continue renting. And there's plenty of supply: The vacancy rate for rental housing rose to 7.3 percent from 6.8 percent in the second quarter.