Jan. 29--If you sold your house and opted to rent last year, you had plenty of company. The nation's homeownership rate fell in 2014's final quarter to a low not seen since spring of 1994, the Census Bureau said Thursday.
At 64 percent, the rate of homeownership declined for the fourth consecutive quarter. In 2013's final quarter, the nation's homeownership rate was 65.2 percent. The last time the rate was lower was during the second quarter of 1994, when the rate was 63.8 percent.
Predictably, the percentage of vacant rental units continued to shrink in the three months ended in December. The rental vacancy of 7 percent compared with 8.2 percent in 2013's final quarter and was at its lowest level since late 1993.
That lack of apartments has helped push up rents and led to a rush of developers adding rental properties to markets like Chicago.
mepodmolik@tribpub.com
Twitter @mepodmolik
