After hitting a generational low in 2016, the U.S. homeownership has bounced back. The rate hit 64.2 percent in the fourth quarter of 2017, the Census Bureau said Tuesday.
While that’s well below the boomtime record of 69 percent, it’s also above the bottom of 62.9 percent seen in the second quarter of 2016.
The number of new owner households grew by 1.5 million from a year earlier, while renters shrank by 75,000 households.
“The fact that we now have four consecutive quarters where owner households outpaced renters is a strong sign this is a true trend and that the decline in homeownership caused by the Great Recession is reversing course,” says Ralph McLaughlin, chief economist at housing website Trulia.