One economic trend that continues to grow: More Americans own their own homes, and fewer of them are renting. According to U.S. Census data released yesterday, the homeownership rate rose from the prior year for the fifth consecutive quarter in 2018.
The homeownership rate is now at 64.2 percent, its highest level since 2014. The share of Americans who own a home rose from 63.6 percent in the first quarter of 2017.
Last year, surprisingly enough, the homeownership rate rose for the first time in 13 years. The U.S. added 1.3 million owner households over the last year - and lost 286,000 renter households. That marked the fourth consecutive quarter in which the number of renter households declined from the same quarter a year earlier.
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