Lowest Homeownership Rate for Younger Households Since 2020
Amidst elevated mortgage interest rates and tight housing supply, housing affordability is at a multidecade low. The youngest age group, who are particularly sensitive to mortgage rates, home prices, and the inventory of entry-level homes, saw the largest decline among all age categories.
The homeownership rate for those under the age of 35 dropped to 37% in the third quarter of 2024, reaching the lowest level since the first quarter of 2020, according to the Census’s Housing Vacancy Survey (HVS).
The U.S. homeownership rate held steady at 65.6% in the third quarter of 2024, showing a flat trend over the last three quarters. However, this marks the lowest rate in the last two years. The homeownership rate remains below the 25-year average rate of 66.4%.
See more specifics based on each age group in this Eye on Housing post from NAHB principal economist Na Zhao.
Latest from NAHBNow
Economics
Oct 08, 2025
How Do Median Square-Foot Prices Differ by Region?Median square-foot prices for new single-family detached homes started in 2024 grew modestly, according to NAHB’s analysis of the latest Survey of Construction data. See how they differ by region.
Member Benefits | Membership
Oct 07, 2025
Tax Incentives That Multiply the Benefits of NAHB's Vehicle Savings ProgramsCombining the benefits of Section 179 tax deductions with the discounts offered through the NAHB Member Savings Program can be a game-changer for business owners.
Latest Economic News
Economics
Oct 07, 2025
Minority-Owned Residential Building Firms Continue to RiseThe share of minority-owned new residential builders and remodelers has more than doubled since the Great Recession, with noticeable gains from 2017 to 2022. Nevertheless, when compared to the overall U.S. population, minority-owned firms continue to be underrepresented within both housing sectors.
Economics
Oct 06, 2025
Shorter Apartment Construction Time in 2024The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the 2024 Survey of Construction (SOC) from the Census Bureau. On average, it took 19.6 months from permit to completion, about 0.3 months shorter than in 2023.
Economics
Oct 03, 2025
Supply-Side Cost Pressures Drove Housing as Inflation Leader in 2024Though the rate of inflation peaked in June 2022, consumer prices continued to increase throughout 2023 and 2024 as inflation drove further price growth, according to 2024 CPI review from the Bureau of Labor Statistics.