(Reuters) – The U.S. homeownership rate rose to its highest level in nearly 12 years in the second quarter as low mortgage rates boosted demand for housing, offsetting record unemployment triggered by the COVID-19 crisis.
The homeownership rate rose to 67.9% in the April-June quarter, up from 65.3% in the first quarter, a record increase, according to a report from the Commerce Department released on Tuesday. It was the highest rate since the third quarter of 2008.
The homeownership rate was 64.1% a year ago.
The rental vacancy rate dropped to 5.7% from 6.6% in the first quarter, reaching the lowest level since the second quarter of 1984, according to the report.
(Reporting by Jonnelle Marte and Lucia Mutikani; Editing by Andrea Ricci)
