NOTE: Homeownership rate for states and metro areas attached
U.S. HOMEOWNERSHIP RATE HITS 65.7% --
BOSTON -- Housing Secretary Andrew Cuomo today announced the
U.S. homeownership rate rose to 65.7 percent in the second
quarter of 1997 -- the highest quarterly rate in nearly 17
HIGHEST LEVEL IN 17 YEARS
AS NUMBER OF HOUSEHOLDS
OWNING HOMES REACHES RECORD 67.1 MILLION
Cuomo said 67.1 million American households now own their
homes -- the highest number in U.S. history and an increase of
5.3 million since President Clinton took office in 1993.
Cuomo, in Boston for a White House Conference on Empowerment
Zones and Enterprise Communities, said the homeownership rate
rose by 0.3 percentage point in the second quarter of this year -
- creating 597,000 additional homeowners during the period,
according to new statistics compiled by the Census Bureau.
"By increasing employment and household income and by
holding down interest rates, President Clinton's economic
policies have served as a powerful engine to drive up the
homeownership rate," Cuomo said. "Millions of American families
have been given the opportunity to improve their lives by
Cuomo said the National Partners in Homeownership -- a
coalition of 63 national groups representing the housing
industry, lenders, non-profit groups and all sectors of
government -- has also played a key role in increasing the
homeownership rate. The Department of Housing and Urban
Development created the Partnership at President Clinton's
direction in 1995, as part of the President's National
Homeownership Strategy. HUD also helped create 123 local
partnerships modeled after the National Partnership in
communities around the country.
The new increase in the homeownership rate puts the nation
on track to reaching President Clinton's goal of an all-time high
homeownership rate of 67.5 percent by the end of the year 2000,
Cuomo said. The increase would be achieved by boosting the number
of homeowners by 8 million from the beginning of 1995. The number
of homeowners has increased by 3.1 million since 1995.
The new quarterly homeownership rate of 65.7 percent nearly
equals the previous record of 65.8 percent set in the third
quarter of 1980. The new rate is the second-highest quarterly
rate since quarterly statistics were first tabulated in 1965.
"We are making a special effort to reduce the gap in
homeownership between whites and minorities, between households
headed by women and other households, and between our suburbs and
our cities," Cuomo said. "For far too many hard-working American
families, homeownership remains an unfulfilled dream."
The homeownership rate for minorities edged up by 0.4
percentage point during the quarter to 45.7 percent. Female-
headed households increased their homeownership rate by 0.8
percentage point to 51.3 percent. Married couples under age 35
increased their homeownership rate by 0.5 percentage point to
Among whites, the homeownership rate rose 0.5 percentage
point to 72.1 percent.
The central city homeownership rate rose slightly by 0.1
percentage point to 49.9 percent. The suburban homeownership rate
rose by 0.5 percentage point to 72.6 percent.
Here's how the homeownership rate changed by region during
the second quarter of this year: Northeast, up 0.8 percentage
point to 62.4 percent; South, up 0.3 percentage point to 68.1
percent; West, up 0.9 percentage point to 59.9 percent; Midwest,
down by 0.3 percentage point to 70.3 percent.