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Data released by the U.S. Census Bureau shows homeownership rose between the second and third quarter of this year, increasing to 66.3 percent from 65.9 percent the previous quarter. Homeownership peaked in 2004 at nearly 70 percent, though it stayed between 64 and 65 percent for much of the 40 years prior to the housing boom. The new data finds the homeownership rate for adults under the age of 35 at 38 percent, down from 42 percent in 2007. The rate for people between the ages of 35 and 44 was also down, dipping from 65.2 percent last year to 63.4 percent now. John McIlwain, a senior fellow for housing at the Urban Land Institute, said the data suggests there is still a desire to own, though future buyers may wait until they’re in their mid to late 30s before purchasing a home. The Midwest had the highest rate of homeownership at 70.3 percent, followed by the South and Northeast. Homeownership was lowest in the West. More here.
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