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Home ownership down, but still second highest

Oct. 6, 2011 at 3:55 PM
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WASHINGTON, Oct. 6 (UPI) -- The U.S. Census Bureau said Thursday the home ownership rate in 2010 was the second highest in history, 1.1 points below the record of 65.1 percent in 2000.

However, the 1.1-point drop over that decade was the largest decrease since 1930-1940, the bureau said in a release.

The nation's housing inventory increased by 15.8 million units, or 13.6 percent, from 2000 to 2010. The increase was seen in all states but was greatest in the South and West, the bureau said.

The states with the largest percentage increases in units were Nevada (41.9 percent), Arizona (29.9 percent), Utah (27.5 percent), Idaho (26.5 percent) and Georgia (24.6 percent).

The bureau said metro areas in Michigan and Florida had the most homeowners, while major cities had more renters. New York City had the greatest proportion of renters at 69 percent, followed by Los Angeles at 62 percent.

The Midwest's home ownership rate was 69.2 percent, followed by the South (66.7 percent), the Northeast (62.2 percent) and the West (60.5 percent).

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