First-Time Homebuyer Watch: 1st Quarter 2022

 Homeownership rate of householders aged 30 to 34, first quarter 2022: 49.0%

Homeownership rates in the first quarter of 2022 were little changed from rates in 2021 and below the levels recorded in 2020—when the coronavirus pandemic greatly reduced the response rate to the Census Bureau's Housing Vacancy Survey and consequently distorted homeownership trends.  

The overall homeownership rate in the first quarter of 2022 was 65.4 percent, nearly identical to the 65.5 percent annual rate of 2021. The nation's homeownership rate peaked at 69.0 percent in 2004.

The homeownership rate of 30-to-34-year-olds (the age group in which householders typically buy their first home) climbed to 49.0 percent in the first quarter of 2022. This is a bit higher than the age group's 2021 annual rate of 48.4. More significantly, it is the highest quarterly rate for the age group since 2011—if the pandemic distorted rates of 2020 are excluded. Until 2011, the age group's homeownership rate had never sunk below 50 percent in the data series that began in 1982. Will the homeownership rate of the age group finally surpass 50 percent in the months to come? Stay tuned.

Source: Census Bureau, Housing Vacancy Survey