There is a vast array of factors that impact homeownership rates and changes over time, spanning from economics to demographics. And just like the economy and real estate, this changes from location to the next and from one time period to another. Household formations rates, education, incomes, ethnicity are but a few of the many factors influencing homeownership levels. The bursting of the housing bubble, for example, saw homeownership rates decline from 2005 to 2012 in all but six states: Maine, New Hampshire, Montana, Massachusetts, Hawaii and the District of Columbia (not a state, but still included). The average decline was 3.5 percent from essentially the peak of the bubble to end of 2012.
Fortunately, the Bureau of the Census, through the Current Population and Housing Vacancy Surveys, tracks homeownership by quarter. Their latest numbers are included in the following table.
To read the entire time series on homeownership rates from 2005 through 2012 quarterly, click here.
What we need to realize is that the comparatively high level of homeownership rates in 2005 were temporary and in a great part a function of subprime lending that failed to price in the repayment risks and asset value decline potentials of the market.