Real Estate Term of the Day: Homeownership & Homeownership Rate
HOMEOWNERSHIP – the state of living in a structure that one owns. Contrasted with being a renter or tenant in one’s home (Barron’s Dictionary of Real Estate Terms)
HOMEOWNERSHIP RATE – the percentage ratio of owner-occupied dwelling units to total occupied dwelling units in an area (Barron’s Dictionary of Real Estate Terms)
The graph below shows the homeownership rate for the U.S. for the last 20 years.
The lowest rate of homeownership was 62.9% in the third quarter of 1965, while the highest rate of homeownership reached 69.2% in the fourth quarter of 2004.