While the bidding wars in the home sales market may remind some buyers of 2005 and 2006, homeownership rates are still not back up at the peak years from that era.
From 2005 to 2009, the homeownership rate was at its highest at 66% to 67%, according to the US Census Bureau. Then, after the housing crash, the homeownership rate fell to a low of 63% in 2015 before rising to 64.1% in 2019.
From 2009 to 2014, Arizona (6.0%), Nevada (5.7%), Georgia 94.8%), Rhode Island (4.6%) and Florida (4.4%) experienced the most significant decreases in homeownership. But overall, 31 states showed statistically significant increases in their homeownership rates during that time. Only Arkansas, Hawaii, South Dakota and Vermont showed no significant change in homeownership rate from 2009 to 2014.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
