Despite odds, ownership rate moves higher
Despite tight housing inventories and rising home prices, the homeownership rate rose slightly in the third quarter and reached the highest level since 2014, according to a recent report by the U.S. Census Bureau. The report also showed Americans are showing a preference for owning: The number of owner households increased by 755,000 from a year ago, while the number of renter households fell 348,000.
Still, finding a home remains a challenge for many Americans. The inventory levels for both new and existing single-family homes is about 20 percent below the long-term average.