Homeownership Drops to Near 20-Year Low

(Chicago Tribune/MCT) -

The percentage of people that owned their own home, rather than rented one, dropped in June to a level not seen since the second quarter of 1995.

The second-quarter homeownership rate of 64.7 percent compared with 64.8 percent in the first quarter and 65 percent in 2013’s second quarter, according to newly released Census data.

Homeownership rates peaked in 2004 and 2005, as the housing market was heading toward a collapse, and have drifted downward since then. The highest rate, of 69.2 percent, was recorded in 2004.