11/04/2004

Highest U.S. Homeownership Reached in 2004

According to a report released by the U.S. Census Bureau, the United States now has 73.8 million homeowners -- a historical high. This is approximately 1.6 million more homeowners than recorded one year ago. The Census also reported the rate of homeownership increased 0.6 percent to 69 percent in the third quarter of 2004 compared with the same period one year ago but remained unchanged from second quarter 2004.

During the third quarter of 2004, homeownership rates by region were highest in the Midwest and South, at 73.8 percent and 71.0 percent, respectively. The Northeast recorded a homeownership rate of 64.4 percent, while the West experienced a similar rate of 64.7 percent.

The Census also reported an all-time high of 15.2 million minority homeowners, though the homeownership rate among minorities continues to be lower than that of non-Hispanic whites. In addition to the 73.8 million housing units occupied by homeowners, there were 33.1 million housing units occupied by renters during third quarter 2004.

"These numbers combined with news that sales of previously owned homes jumped 3.1 percent in September, show that housing continues to lead the way in our rapidly recovering economy," said Housing and Urban Development Secretary Alphonso Jackson.--Courtesy of California Association of Realtors.

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