HOUSING INVENTORY

Housing Stock*

As of the fourth quarter of 1997, the estimate of the total housing stock, 115,892,000 units, was a statistically insignificant 0.1 percent above the level of the third quarter of 1997 and 1.2 percent above 1996's fourth-quarter level. The number of occupied units was up a statistically insignificant 0.2 percent from last quarter and was 1.3 percent above the same quarter in 1996. Owner-occupied homes were a statistically insignificant 0.2 percent below the level of the third quarter of 1997 but 1.7 percent above the fourth quarter of 1996. Rentals increased a statistically insignificant 0.9 percent from last quarter and were up a statistically insignificant 0.6 percent in the fourth quarter of 1996. Vacant units decreased 0.8 percent from last quarter and a statistically insignificant 0.2 percent from 1996.

*Components may not add to totals because of rounding. Units in thousands. Source: Bureau of the Census, Department of Commerce

Vacancy Rates

The 1997 fourth-quarter national rental vacancy rate, at 7.7 percent, was down a statistically insignificant 0.2 percentage point from last quarter and down a statistically insignificant 0.1 percentage point from the level of the fourth quarter of 1996. The homeowner vacancy rate, at 1.7 percent, was down 0.1 percentage point from the last quarter, unchanged from the fourth quarter of 1996.

1Major changes related to the survey effective with 1994 first-quarter data. Source: Bureau of the Census, Department of Commerce

Homeownership Rates

The national homeownership rate was 65.7 percent in the fourth quarter of 1997, down a statistically insignificant 0.3 percentage point from last quarter and up a statistically insignificant 0.4 percentage point from the fourth quarter of 1996. For the entire year the homeownership rate hit a new all-time high of 65.7 percent, surpassing the previous annual high of 65.6 percent set in 1980. The homeownership rate for minority households increased a statistically insignificant 0.3 percentage point from the third quarter and increased 1.3 percentage points from the fourth quarter of 1996. The 58.5-percent homeownership rate for young households was down a statistically insignificant 0.8 percentage point from last quarter's rate and was up a statistically insignificant 0.5 percentage point from 1996's fourth quarter.

Source: Bureau of the Census, Department of Commerce