The U.S. home ownership rate has fallen to its lowest point since 1995, the Census Bureau reports.
The home ownership rate dropped to 65 percent in the first quarter, down slightly from 65.4 percent a year earlier.
Housing analysts say tight credit conditions, constrained inventories of for-sale homes, and an increase in single-family rental homes have caused the home ownership rate to fall.
Paul Diggle, a property economist for Capital Economics, says he predicts the home ownership rate will likely fall for the remainder of the year.
The home ownership rate peaked in June 2004 when it stood at 69.2 percent.
Source: “U.S. Homeownership Rate Falls to Lowest Since 1995,” Bloomberg News (April 30, 2013)