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Homeownership Rate In St Louis During 1st Quarter of 2017 Drops To Lowest Level In Years

The homeownership rate for the St Louis MSA during the 1st quarter of 2017 was 61.6% according to recently released data from the U.S. Census Bureau.   As our table below shows, the current homeownership rate for St Louis is at the lowest level in our records.  On the table I also compute a rolling 12 month average which helps smooth out seasonal variations in the data and it shows an average homeownership rate of 64.8% over the past 12 months, down from 68.8% for the prior 12-month period and, like the percentage for the quarter, the lowest level in our records.

This is not gloom and doom news for the real estate market.  It may just be indicative of a change in lifestyle today versus the past with a smaller percentage of the population being married to the idea of homeownership and more receptive to being a tenant.  As the second table below illustrates the total of occupied housing units in the midwest region of the US has only grown from about 25,500 units 10 years ago to 26,500 units now, an  increase of just 3.9%.  However, during that period, the total number of rental units increased 21% while the total number of owner occupied units declined 2% clearly marking a shift from home ownership to rental but a segment of the population.

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St Louis MSA Homeownership Rate – 2005 – 2017

St Louis Homeownership Rate - 2005 - 2017

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Midwest Region Occupied Housing Units 2005-2017 Midwest Region Occupied Housing Units 2005-2017

  Copyright 2017 – MORE, REALTORS – All Rights Reserved

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