Robert R. Callis For Release 10:00 AM EDT, July 24, 1995 Alan Friedman CB95-126 (301) 763-8165 CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP National vacancy rates in the second quarter 1995 were 7.7 percent (+/-0.3) in rental housing and 1.6 percent (+/-0.1) in homeowner housing, the Department of Commerce's Census Bureau announced today. The Bureau said that the rental vacancy rate was not significantly different from the second quarter 1994 rate or the rate last quarter. The homeowner vacancy rate was higher than the rate a year ago, but not significantly different from the rate last quarter. </H4> Table 1. RENTAL AND HOMEOWNER VACANCY RATES, FOR THE UNITED STATES: 1980 to 1995 Rental Vacancy Rates Homeowner Vacancy Rates First Second Third Fourth First Second Third Fourth quarter quarter quarter quarter quarter quarter quarter quarter 1995 7.4 7.7 1.5 1.6 1994 7.5 7.4 7.2 7.4 1.4 1.4 1.4 1.6 1993r 7.8 7.6 7.0 6.9 1.4 1.4 1.4 1.4 1993 7.9 7.6 7.1 6.9 1.4 1.4 1.4 1.4 1992 7.4 7.7 7.3 7.1 1.5 1.6 1.6 1.5 1991 7.5 7.3 7.6 7.3 1.7 1.8 1.8 1.6 1990 7.5 7.0 7.2 7.2 1.7 1.7 1.7 1.7 1989r 7.5 7.4 7.6 7.1 1.7 1.7 1.9 1.8 1989 7.3 7.3 7.3 6.8 1.5 1.6 1.8 1.6 1988 8.0 7.7 7.8 7.3 1.6 1.6 1.6 1.6 1987 7.4 7.5 8.1 7.8 1.7 1.7 1.7 1.6 1986 6.9 7.3 7.5 7.7 1.5 1.7 1.6 1.6 1985 6.3 6.2 6.8 6.7 1.8 1.9 1.8 1.6 1984 5.6 5.5 6.0 6.3 1.6 1.7 1.7 1.7 1983 5.7 5.5 5.8 5.5 1.4 1.5 1.6 1.6 1982 5.3 5.1 5.3 5.5 1.4 1.6 1.5 1.6 1981 5.2 5.0 5.0 5.0 1.3 1.3 1.5 1.4 1980 5.2 5.6 5.7 5.0 1.3 1.4 1.4 1.4 rRevised. <H4> The metropolitan/nonmetropolitan data normally shown in this press release are not published this quarter. Because of the phase-in of the new 1990 sample design, estimates for these areas will not have their normal accuracy. We will resume publishing metropolitan/nonmetropolitan area data in the third quarter 1995, when the 1990 sample is fully phased-in. The rental vacancy rate in the South (8.2 percent) was higher than in the Midwest, but not significantly different from the Northeast and West. The rental vacancy rates in each region were approximately the same as one year ago. For homeowner housing, the vacancy rates were highest in the South and West and lowest in the Northeast and Midwest. The homeowner vacancy rate in the West was higher than the second quarter 1994 rate, while rates in the other regions showed no significant change from a year ago. </H4> Table 2. RENTAL AND HOMEOWNER VACANCY RATES, BY REGION: SECOND QUARTER 1995 AND 1994 Rental vacancy rates Homeowner vacancy rates 2nd 2nd Std err Standard 2nd 2nd Std err Standard Area Qtr Qtr on 1995 error on Qtr Qtr on 1994 error on 1995 1994 rate differ- 1995 1994 rate differ- ence ence United States.. 7.7 7.4 0.2 0.2 1.6 1.4 0.1 0.1 Northeast..... 7.5 7.1 0.4 0.5 1.5 1.4 0.1 0.2 Midwest....... 7.1 7.1 0.4 0.5 1.3 1.1 0.1 0.1 South......... 8.2 7.7 0.3 0.4 1.8 1.6 0.1 0.1 West.......... 7.7 7.3 0.3 0.5 1.8 1.5 0.1 0.2 rRevised. <H4> There were an estimated 112.7 million housing units in the United States in the second quarter 1995. Approximately 99.9 million were occupied, 64.7 million by owners and 35.3 million by renters. Of the 12.8 million vacant housing units, 9.8 million were for year-round use, while the remaining 3.2 million were intended for seasonal use. Approximately 3.0 million of the year- round vacant units were for rent, 1.0 million were for sale only, and the remaining 5.8 million were vacant for a variety of reasons. </H4> Table 3. ESTIMATES OF THE TOTAL HOUSING INVENTORY FOR THE UNITED STATES: SECOND QUARTER 1995 (Numbers in thousands) Standard Percent Type Estimate1 error on distri- estimate bution All housing units........ 112,743 230 100 Occupied............................ 99,932 237 89 Owner occupied.................... 64,668 230 57 Renter occupied................... 35,264 191 31 Vacant.............................. 12,811 124 11 Year-round vacant.................. 9,794 109 9 For rent........................... 2,969 61 3 For sale only..................... 1,046 37 1 Other............................ 5,779 85 5 Seasonal.......................... 3,017 62 3 <H4> During the second quarter 1995, the homeownership rate was 64.7 percent (+/-0.3). The homeownership rate was higher than a year ago and higher than the rate last quarter. </H4> Table 4. HOMEOWNERSHIP RATES FOR THE UNITED STATES: 1980 to 1995 Homeownership Rates1 Year First Second Third Fourth quarter quarter quarter quarter 1995................. 64.2 64.7 1994................. 63.8 63.8 64.1 64.2 1993r................ 63.7 63.9 64.2 64.2 1993................. 64.2 64.4 64.7 64.6 1992................. 64.0 63.9 64.3 64.4 1991................. 63.9 63.9 64.2 64.2 1990................. 64.0 63.7 64.0 64.1 1989r................ 63.9 63.8 64.1 63.8 1989................. 63.9 63.9 64.0 63.8 1988................. 63.7 63.7 64.0 63.8 1987................. 63.8 63.8 64.2 64.1 1986................. 63.6 63.8 63.8 63.9 1985................. 64.1 64.1 63.9 63.5 1984................. 64.6 64.6 64.6 64.1 1983................. 64.7 64.7 64.8 64.4 1982................. 64.8 64.9 64.9 64.5 1981................. 65.6 65.3 65.6 65.2 1980................. 65.5 65.5 65.8 65.5 <H4> 1Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent. rRevised. The data in this release are the result of a sample survey and are, therefore, subject to sampling variability. For example, the standard error on the estimated rental vacancy rate of 7.7 is 0.2 percentage points. Consequently, the 90 percent confidence interval as shown by these data is from 7.4 to 8.0; i.e., the interval 7.7 +/- (1.6 x 0.2) percentage points. Thus, one can say with about 90 percent confidence that the average estimate derived from all possible samples is included in this confidence interval. The 90 percent confidence intervals are shown in the text above for selected items. The standard errors for other figures in this release are given in the tables. Hypothesis testing may be performed at various levels of significance, where a level of significance is the probability of concluding that the parameters are different when, in fact, they are identical. All statements of comparison in the text have passed a hypothesis test at the 0.10 level of significance. This means that, for differences cited in the text, the estimated difference between characteristics is greater than 1.6 times the standard error of the difference. In addition to sampling error, the figures in this release, both the estimates and their standard errors, are also subject to rounding error. Source: U.S. Census Bureau