Homeownership by Age in 2020

Take these numbers with a grain of salt. The homeownership rate climbed to 66.6 percent in 2020—two whole percentage points above the 64.6 percent of 2019, according to the Census Bureau's Housing Vacancy Survey (HVS). The homeownership rate increased in every age group. 

BUT, the 2020 homeownership rates are distorted by the coronavirus pandemic. The HVS's in-person interviews were suspended for a good portion of the year, and survey response rates plummeted—a bigger plunge for some groups than for others. The homeownership rates of 2020 were likely boosted by the presumed higher response rates of homeowners than renters during the year. In its HVS Covid-19 impact statement, the Census Bureau cautions against comparing second, third, and fourth quarter 2020 data with previous quarters. The same applies to the 2020 annual statistics, which were released today. 

Nevertheless, a comparison of 2020 homeownership rates with the rates in 2004 provides plenty of food for thought. Why 2004? That was the year when the overall homeownership rate in the United States peaked at 69.0 percent. Sixteen years later, we are still far below that peak—even if you accept 2020's homeownership rates at face value. 

Homeownership rate by age of householder, 2004 and 2020 and percentage point change

	2020	2004	change
Total households	66.6%	69.0%	-2.4
Under age 25	25.7	25.2	0.5
Aged 25 to 29	35.3	40.2	-4.9
Aged 30 to 34	49.1	57.4	-8.3
Aged 35 to 39	60.0	66.2	-6.2
Aged 40 to 44	65.5	71.9	-6.4
Aged 45 to 49	68.8	76.3	-7.5
Aged 50 to 54	73.2	78.2	-5.0
Aged 55 to 59	74.9	81.2	-6.3
Aged 60 to 64	78.2	82.4	-4.2
Aged 65-plus	80.0	81.1	-1.1

Source: Census Bureau, Housing Vacancies and Homeownership, Annual Statistics: 2020