The U.S. home ownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters. The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months. The drop extends a years-long decline from the last housing boom, in part because of tight credit and a shift toward renting in the aftermath of the crash. First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. The home ownership rate reached a peak of 69.2 percent in June 2004.
Homeownership Rate in the U.S. Drops to Lowest Since 1965
