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Homeownership drops to lowest level since Clinton Era
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Wednesday, April 30, 2014
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The percentage of Americans who own their own homes has dropped to its lowest level in nearly 20 years, according to new data from the Census Bureau.
The homeownership rate dropped to 64.8 percent in the first quarter, down from 65.2 percent in the fourth quarter of 2013. The first quarter percentage marked the lowest rate of homeownership in the U.S. since 1995, when the rate was 64.7 percent. By comparison, the homeownership rate was as high as 69 percent as recently as 2006.
The drop in the number of homeowners can be attributed to escalating home prices and interest rates.
The S&P/Case-Shiller 20-City Composite, released April 29, showed that home prices in 20 major U.S. metros had jumped 12.9 percent year over year in February after rising 13.2 percent year over year the month before.
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