Home Ownership Rates Lowest in a Decade

The economy keeps hitting home for Americans—at least what used to be their homes.

According to a U.S. Census Bureau report released on Tuesday, home ownership remains at a low of 66.9%. The last time home ownership was this weak was nearly a decade ago in 1999 when it dropped to 66.7%.

Foreclosures, job losses, plunging prices, and a generally weak economy can take credit for these declining percentages. Despite low mortgage rates, it’s questionable whether home ownership rates will increase with continued high unemployment and consumer caginess.

The lowest rate of home ownership is among those under 35, who clock in at 39.2%. This is down from 43% in 2005. People aged 65 and over check in with the highest rates of home ownership at 80.6%.

During the height of the housing bubble in 2005, home ownership hit a top rate of 69%. After the bubble burst, though, it has made a gradual decline each year.

Despite the low rate of ownership, many homes sit vacant. According to the Census Bureau report, approximately 14.4% of the housing units in the United States were vacant in the third quarter of 2010. This works out to roughly 18.8 million homes out of the total 131 million in the country.