Home Builders Association of the Greater Rockford Area

Homeownership rate, 2014

Homeownership Rate Continues to Decline

Homeowner Rate_2q14

The homeownership rate declined by 0.3 percentage points year-over-year. The current rate is also below the 20-year historical average of 66.9%.

The data continue to show declines in homeownership across all age groups, with the largest declines being experienced for younger households. For example, the homeownership rate for those under age 35 currently (second quarter of 2014) stands at 35.9%, which is 7.7 percentage points lower than the peak rate of 43.6% (second quarter of 2004). For those 35 to 44, the homeownership rate is currently 60.2%, 9.9 percentage points lower than the peak rate of 70.1% (first quarter of 2005).

The homeownership rate will continue to decline as pent-up housing demand is unlocked, as such new households are more likely to be renters than homeowners.

Vacancy Rates_2q14_v2

Vacancy rates for owned and rental housing continued along the declining trend that has been in place since 2010. The rental vacancy rate declined to 7.5% during the second quarter, the lowest rate since 1997. The homeowner vacancy rate fell to 1.9%, matching the lowest rate since 2005.

 

 

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HBAGRA Contact:
Dennis J. Sweeney
Executive Vice President
Phone: 815.962.1148
Fax: 815.962.1151
Email:

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HBAGRA General Membership Meeting

  • November 20, 2014 
  • General Membership Meeting at Lino's. Social hour begins at 6pm. Dinner served at 7pm. Entree slelections are: baked chicken a la Lino or lasagna, $25.00; NY strip steak, $40.00.
  • Email  before 3:00 PM on November 18th to register.