The national rental and homeowner vacancy rates continue to hover near historic lows, reflecting the tight housing market, the latest Census Bureau data shows.
The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.
The national homeownership rate is at 65.8%, a slight increase from 65.4% in the first quarter of the year. The rate surpassed 69% in the mid-2000s, then dropped to about 63% about five years ago before starting a climb to its current rate.
Ownership rates remained highest among those 65 and older, at 79.3%. The rate is 75.1% for those aged 55-64; 70.6% for ages 45-54; 61.9% for 35-44 and 39.1% for those younger than 35.
The rate in the youngest group increased 1.3% year over year, the biggest change among the age groups.