Wednesday, April 09, 2014

Lawler: Number of Home Owners Lower than 2006!

by Bill McBride on 4/09/2014 05:16:00 PM

From housing economist Tom Lawler:

Below are my “best guess” estimates of the number of US households – total and by tenure – from 2006 to 2013. The numbers for 2000 and 2010 are the “official” decennial Census numbers, while the numbers for other years from 2006 to 2012 are yearly averages derived from ACS data, adjusted (1) to reflect differences between ACS and decennial Census results; and (2) to reflect updated population estimates (total and by age group) for each year. Numbers for 2013 are “guesstimates” based on population estimates and headship/homeownership rates.

Also shown are homeownership rates. These homeownership rates are lower than the ones shown in the more widely followed Housing Vacancy Survey, as the HVS homeownership rates, both total and by age group, were “way off” from Decennial Census results for 2010.

US Household Estimates (000's)
 OwnersRentersTotalHomeownership
Rate
2000 (Census)69,81635,664105,48066.2%
200676,12637,356113,48267.1%
200776,70637,799114,50567.0%
200876,65638,748115,40466.4%
200976,40939,811116,22065.7%
2010 (Census)75,98640,730116,71665.1%
201175,60041,843117,44364.4%
201275,48143,006118,48763.7%
201375,68343,814119,49763.3%


One of the most striking statistics is the number of US home owners: There were fewer US home owners in 2013 than there were in 2006, despite a 7% increase in the 15+ year old population!

While the number of SF (detached and attached) homes occupied by owners in 2013 appears to be about the same as in 2006, the number occupied by renters appears to have increased by about 3 1/2 million.