Homeownership in U.S. Drops to a 47-Year Low, Now 63.4 Percent in Q2

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According to the Department of Commerce's Census Bureau, homeownership in the U.S. is at a new 47-year low.

The homeownership rate is now 63.4 percent was 1.3 percentage points lower than the second quarter 2014 rate (64.7 percent), and 0.4 percentage points lower than the rate last quarter (63.7 percent). This is the seventh consecutive year of declining homeowneship rates in the U.S. since the 2008 housing market peak.

Additionally, the national vacancy rate for rental housing in the second quarter 2015 were 6.8 percent and 1.8 percent for homeowner housing.

The rental vacancy rate of 6.8 percent was 0.7 percentage points lower than the rate in the second quarter 2014 and 0.3 percentage points lower than the rate last quarter. The homeowner vacancy rate of 1.8 percent was 0.1 percentage point lower than the rate in the second quarter 2014 and the rate last quarter.