Jan. 28--The rate of Americans owning their homes is creeping up after a long decline after the nation's housing crisis and Great Recession.
During the last quarter, the share of people who own homes climbed to 63.8 percent, the U.S. Census Bureau reported Thursday. That was the second rise in a row after the previous quarter's rate climbed to 63.7 percent.
Homeownership, however, still remains close to the 48-year low hit early last year and is far below the peak at the end of 2004, when the rate was 69.1 percent in the fourth quarter. Ownership has been falling since millions lost homes in the housing crisis and renting became increasingly popular.
Homeownership is now most prevalent among people over 65. About 79.3 percent of households in that age group own their homes. Ownership among people under 35 remains at 34.7 percent. Neither age group shows any statistically different upturn, the Census Bureau said.
The housing industry has been looking forward to a time when millennials would begin buying homes. The latest figures from the fourth quarter of 2015 show a slight increase from 20.4 percent to 20.8 percent for people under 25. Among people 35 to 44, homeownership climbed from 58.8 percent to 59.3 percent.
The National Association of Realtors says that while the median age of homebuyers was 33 in 1985, people have been delaying starting families and buying a home, with age 44 now the median for purchases.
gmarksjarvis@tribpub.com
