The U.S. homeownership rate hit the highest level in almost 12 years in the second quarter during the height of the coronavirus pandemic. But changes in data collection could be the reason.
The U.S. homeownership rate hit the highest level in almost 12 years in the second quarter during the height of the coronavirus pandemic. But the gain could be a data collection fluke.
“If response rates declined further among rental units than homeowner units, the effects...would be a lower estimate of the number of rental households, a higher estimate of the number of homeowner households, and a higher estimate of the homeownership rate," the bureau said in a special FAQ that accompanied the second-quarter results.
‘There is a longer-run demographic shift’Still, experts said an increase in the rate would not have been out of line of the recent trend in increasing homeownership, largely because of millennials taking advantage of low mortgage rates.
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