Dive Brief:
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Homeownership among Americans has fallen to its lowest level since 1995, the Census Bureau reported Tuesday.
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The rate of homeownership was 64.4% in September, down from 64.7% in June, July, and August.
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Homeownership was its highest ever in June 2004, when it peaked at 69.2%. Between 1965 and 1999 average homeownership teetered around 64.5%, according to a Bloomberg analysis.
Dive Insight:
Economists give three reasons for dwindling homeownership. First, record numbers of young adults are gravitating toward renting apartments rather than buying homes. Second, would-be first-time homeowners continue to struggle to qualify for mortgages in a tight credit market. And third, millions of owners lost their homes to foreclosures during the recession, and have not recovered enough to buy replacement dwellings.