St Louis Has 13th Highest Homeownership Rate of Major Metros In 2nd Quarter

The homeownership rate in the St Louis MSA for the second quarter of this year was 74.0%, according to the latest data from the U.S. Census Bureau.  This is an increase from 68.4% for the first quarter and moves St Louis from having the 22nd highest homeownership rate of the 75 largest MSAs in the US to the 13th highest!

Home Ownership Rate Hits Highest Level In Six Years

During the 4th quarter of 2019 the homeownership rate in the U.S. hit 65.1%, the highest level since the 4th quarter of 2013 when the rate was 65.2%, according to the latest data available from the U.S. Census Bureau.

Homeownership by Race and Ethnicity:

As the table below shows, according to the Census Bureau data, homeownership by race and ethnicity was as follows:

  • White, Non-Hispanic – 73.7% – the highest level in 8 years.
  • Black – 44.0% – the highest level in 7 years.
  • Hispanic (of any race) – 48.1% – the highest level in just under 2 years.

Home Ownership Rate By Race and Ethnicity 1994 – Present

(click on table for complete report back to 1994)

Home Ownership Rate By Race and Ethnicity 1994 - Present

Missouri Has 14th Highest Homeownership Rate In U.S.

The rate of homeownership in the state of Missouri was 70.2% during the 1st quarter of this year, giving Missouri the 14th highest rate of homeownership throughout the 50 states plus the District of Columbia, based upon the latest data from the U.S. Census Bureau.  As the table below illustrates, New Hampshire had the highest rate of homeownership at 74.0% and the District of Columbia the lowest at 38.4%.

Homeownership Rate By State – 1st Quarter 2019

Homeownership Rate By State - 1st Quarter 2019

St Louis Homeownership Rate Slips But 12-Month Rolling Average At Highest Level In 3 Years

During the 1st quarter of 2019, the homeownership rate for the St Louis MSA was 66.5%, down from 70.5% the prior quarter, according to the latest data from the U.S. Census Bureau.  As the table below shows, the 12-month rolling average for the St Louis homeownership rate was 67.5.% in the 1st quarter of 2019, the highest 12-month rate since the 1st quarter of 2016.

St Louis MSA Homeownership Rate -2016 – 2019

(click on table for complete data from 2005 – present)
St Louis MSA Homeownership Rate -2016-2019

 

 

St Louis Homeownership Rate Hits Highest Level In Over 3 Years

During the 4th quarter of 2018, the homeownership rate for the St Louis MSA was 70.5%, the highest level since the 2nd quarter of 2015, according to data from the U.S. Census Bureau.  As the table below shows, the 12-month rolling average for the St Louis homeownership rate was 66.0% in the 4th quarter of 2018, the highest since the 4th quarter of 2016.

St Louis MSA Homeownership Rate -2011 – 2018

St Louis MSA Homeownership Rate -2011 - 2018

 

 

Homeownership Rate In U.S. Hits Highest Rate Since 2014

The homeownership rate in the U.S. hit 64.4 percent during the third quarter of this year, according to data just released from the Census Bureau.  This is the highest rate of homeownership in the U.S. since the third quarter of 2014 when the rate was also 64.4%.

As the chart below shows, homeownership rates increased in the Northeast and West regions during the 3rd quarter, from a year ago, but declined slightly in the Midwest and the South.

Homeownership Rates By U.S. Region – 3rd Quarter 2018 vs 2017

Homeownership Rates By U.S. Region - 3rd Quarter 2018 vs 2017

 

Homeownership Rate In Midwest Rises During 2nd Quarter – Highest In Nation

In the Midwest region of the U.S., the homeownership rate rose to 68.3% during the 2nd quarter of this year from 67.9% in the first quarter, according to a report just released by the U.S. Census Bureau.  The homeownership rate of 68.3% in the Midwest region is higher than the homeownership rate for the U.S. as a whole, which came in at 64.3% during the 2nd quarter, and is the highest of any region.  The South region has the 2nd highest homeownership rate at 65.9% and the West region the lowest at 59.7%, according to the report.

So much for “millennials don’t want to own homes“…

In many real estate circles over the past couple of years, there has been much debate over whether millennials have any interest in homeownership or not.  Probably more than half the time the consensus is this generation is not nearly as interested in, or focused on, homeownership as their baby boomer parents.  However, in the homeownership report for the 2nd quarter, the age group that had the largest increase in home ownership was the “under 35 years old” group.  Granted, this group has the lowest homeownership rate of the age groups in the report but increased to 36.5% from 35.3% in the prior quarter.  The homeownership rate for the older groups, 55-64 years and 65 years and above, both declined during the 2nd quarter to 75.1% from 75.4% and to 78.0% from 78.5%, both respectively.

Homeownership Rate – 1995-2018 – Chart

Homeownership Rate - 1995-2018 - Chart

 

 

St Louis Homeownership Rate Hits Highest Level In Two Years

The homeownership rate in St Louis, during the 3rd quarter of this year was 68.0 percent, the highest level since the 3rd quarter of 2015 when the rate was 70.3 percent, according to data just released by the U.S. Census Bureau.

Homeownership Rate St Louis MSA

Homeownership Rate St Louis MSA

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The homeownership rate for the State of Missouri during the 3rd quarter of 2017 was 70.4 percent, the highest level for the state since the 4th quarter of 2014 when the rate was 72.9 percent.

Homeownership Rate State of Missouri

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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Homeownership Rate In U.S. Rises In 4th Quarter of 2016; Slips in Midwest Slightly

After the homeownership rate in the U.S. fell to 63.1% during the 2nd quarter of 2016, the lowest level since the U.S. Census Department began tracking this data in 1968, it rose to 63.4% during the 3rd quarter and then to 63.5% during the 4th quarter of 2016, according to data just released by the U.S. Census Bureau.

Here in the Midwest Region, the homeownership rate slipped slightly during the 4th quarter of 2016 to 68.4% from 68.6% the quarter before, hitting the lowest rate since the 4th quarter of 2015 when it was 68.1% in the Midwest.  As the bottom chart below illustrates, the Midwest Region of the U.S. continues to have a homeownership rate that is higher than the U.S. rate as well as every other region.

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Homeownership Rate In St Louis Increases In Third Quarter; Still Near Record Low

The homeownership rate in the St Louis MSA rose to 67.2 percent in the 3rd quarter of 2016, up from 66.2 percent during the prior quarter but still not far from the 4th quarter 2015 rate of 65.2 percent, the lowest homeownership rate in well over a decade.  As the table below shows, which is based upon data from the U.S. Census Bureau, the St Louis homeownership rate peaked this year at 67.9 percent during the first quarter.  I believe the best way to see the trend in this data is to look at the 12 month rolling average, so we the seasonality of the data does not affect it.  As the table below illustrates, the current 12-month rolling average of the St Louis homeownership rate is at 66.6%, the lowest rate in well over a decade.

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2010 Census Data Shows Second Hightest Homeownership Rate on Record Despite Largest Decrease since 1940

Dennis Norman St Louis Realtor, homeownership rates, census dataYesterday, statistician’s from the U.S. Census Bureau gave a briefing on highlights of the housing characteristics data contained in the 2010 Census. Several interesting facts came out, but the one that I found most interesting was that the data shows the U.S., at 65.1 percent, has the second highest homeownership rate on record for the period (see chart below). It’s not that all the recent talk about the decline in homeownership was unfounded however as the census data did show that the drop in the rate of homeownership during this last census period (2000-2010) of 1.1 percent is the largest decrease since the period from 1930-1940. Continue reading “2010 Census Data Shows Second Hightest Homeownership Rate on Record Despite Largest Decrease since 1940