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
May 11, 2026
U.S. Economy Adds 115,000 Jobs in AprilThe U.S. labor market continued to show resilience in April, with job growth persisting despite elevated interest rates and rising geopolitical uncertainty related to the Iran conflict. The unemployment rate held steady at 4.3%.
Safety
May 11, 2026
Mental Health is a Jobsite IssueThere has long been a stigma around discussing mental health issues in the construction industry. NAHB and partners have been working to erase that stigma and give members access to resources focused on mental well-being.
Latest Economic News
Economics
May 11, 2026
Existing Home Sales Edged Up Slightly in AprilExisting home sales edged up in April after reaching a nine-month low in March, but sales remained at historically low levels. Elevated mortgage rates and reignited inflation driven by the Iran war continued to weigh on affordability as economic uncertainty pushed up long-term rates, while rising energy costs strained household budgets.
Economics
May 11, 2026
Residential Building Worker Wages Remain Soft in Early 2026 Amid Slower Housing ActivityWage growth for residential building workers remained subdued during the first quarter of 2026, reflecting continued softness in housing construction activity and easing labor demand.
Economics
May 08, 2026
U.S. Economy Adds 115,000 Jobs in AprilThe U.S. labor market continued to show resilience in April, with job growth persisting despite elevated interest rates and rising geopolitical uncertainty related to the Iran conflict. The unemployment rate held steady at 4.3%.