Robert R. Callis For Release 10:00 AM EDT, July 22, 1997 Linda Cavanaugh CB97-115 (301) 763-8165 <b> CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND<br /> HOMEOWNERSHIP </b> (The numbers in parentheses denote the 90-percent confidence intervals.) National vacancy rates in the second quarter 1997 were 7.9 (+/- 0.3) percent in rental housing and 1.6 (+/-0.1) percent in homeowner housing, the Department of Commerce's Census Bureau announced today. The Census Bureau said that the rental vacancy rate was higher than the rate last quarter, but not significantly different from the rate in the second quarter 1996. The homeowner vacancy rate was higher than the second quarter 1996 rate, but not significantly different from the rate last quarter. Table 1. Rental and Homeowner Vacancy Rates for the United States: 1980 to 1997 (in percent) Rental Vacancy Rate Homeowner Vacancy Rate First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter 1997 7.5 7.9 1.7 1.6 1996 7.9 7.8 8.0 7.7 1.6 1.5 1.7 1.7 1995 7.4 7.7 7.7 7.7 1.5 1.6 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. For rental housing, the vacancy rate was higher in central cities and outside Metropolitan Areas (MAs), 8.2 percent and 8.7 percent than in the suburbs, 7.3 percent. (The 8.2 percent and the 8.7 percent were not significantly different from each other). The rental vacancy rates in central cities, in the suburbs, and outside MAs were not significantly different from one year ago. For homeowner housing, the vacancy rates in central cities and outside MAs, 1.9 percent and 1.7 percent, were higher than in suburbs, 1.5 percent. (The 1.7 percent and the 1.9 percent were not significantly different from each other). The homeowner vacancy rate in the suburbs was higher than the rate one year ago, while rates in central cities and outside MAs did not change significantly. Among regions, the rental vacancy rate was highest in the South at 9.3 percent, compared with 8.2 percent in the Midwest, 6.8 percent in the West, and 6.7 percent in the Northeast. (The 6.8 percent was not significantly different from the 6.7 percent). The rental vacancy rates in the Midwest and South were higher than a year ago, while the rate in the Northeast was lower than the rate one year ago. There was no significant difference in the West from one year ago. The homeowner vacancy rate was lowest in the Midwest at 1.1 percent. Homeowner vacancy rates in the Northeast, South, and West were not significantly different from each other. The homeowner vacancy rate in the West was higher than one year ago, while rates in the Northeast, Midwest, and South showed no significant change from one year ago. Table 2. Rental and Homeowner Vacancy Rates By Area: Second Quarter 1997 and 1996 (in percent) Rental vacancy rates Homeowner vacancy rates 2nd 2nd Std err Standard 2nd 2nd Std err Standard Area Qtr Qtr on 1997 error on Qtr Qtr on 1997 error on 1997 1996 rate differ- 1997 1996 rate differ- ence ence United States.. 7.9 7.8 0.2 0.3 1.6 1.5 0.1 0.1 Inside MAs.... 7.8 7.5 0.2 0.3 1.6 1.4 0.1 0.1 In central cities...... 8.2 7.8 0.3 0.4 1.9 1.7 0.1 0.2 Not in central cities (sub- urbs)....... 7.3 7.2 0.3 0.4 1.5 1.2 0.1 0.1 Outside MAs... 8.7 8.8 0.5 0.7 1.7 1.9 0.1 0.2 Northeast..... 6.7 7.6 0.4 0.6 1.6 1.4 0.1 0.2 Midwest....... 8.2 7.2 0.4 0.6 1.1 1.1 0.1 0.1 South......... 9.3 8.6 0.3 0.5 1.9 1.9 0.1 0.1 West.......... 6.8 7.2 0.3 0.5 1.9 1.3 0.1 0.2 There were an estimated 115.7 million housing units in the United States in the second quarter 1997. Approximately 102.0 million housing units were occupied, 67.1 million by owners and 35.0 million by renters. The number of owner-occupied units was higher than one year ago, while the number of renter-occupied units was not significantly different from a year ago. Of the 13.7 million vacant housing units, 10.4 million were for year-round use. Approximately 3.0 million of the year-round vacant units were for-rent, 1.1 million were for-sale-only, and the remaining 6.2 million were vacant for a variety of reasons. There was an increase in the number of vacant for-sale-only and other vacant units, while the number of for-rent and seasonal vacant units did not change significantly from one year ago. Table 3. Estimates of the Total Housing Inventory for the United States: Second Quarter 1997 and 1996 (Numbers in Thousands) Standard Standard Type 2nd 2nd error on Standard Percent of Qtr Qtr 1997 error on total 1997 1996 Estimate difference (1997) All housing units........115,722 114,207 237 336 100 Occupied...................102,046 101,082 246 348 88 Owner ................... 67,094 66,147 241 340 58 Renter................... 34,952 34,935 198 279 30 Vacant..................... 13,676 13,125 132 186 12 Year-round vacant......... 10,356 9,949 116 163 9 For rent................ 3,043 2,975 64 91 3 For sale only........... 1,107 997 39 54 1 Other................... 6,206 5,977 91 128 5 Seasonal................... 3,320 3,176 67 94 3 During the second quarter 1997, the homeownership rate was 65.7 percent (+/-0.3) percent. The homeownership rate was not significantly different from the rate last quarter or the rate one year ago. Table 4. Homeownership Rates for the United States: 1980 to 1997 (in percent) Homeownership Rates1 Year First Second Third Fourth Quarter Quarter Quarter Quarter 1997................. 65.4 65.7 1996................. 65.1 65.4 65.6 65.4 1995................. 64.2 64.7 65.0 65.1 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 1Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent. rRevised. Homeownership rates in the second quarter 1997 were highest in the Midwest 70.3 percent, and lowest in the West 59.9 percent. The homeownership rate in the South was higher than the second quarter 1996 rate, while rates in the Northeast, Midwest, and West showed no significant change from the second quarter 1996. Table 5. Homeownership Rates for the United States and Regions: 1994 to 1997 (in percent) Homeownership Rates2 Year/Quarter United Northeast Midwest South West States 1997 Second Quarter 65.7 62.4 70.3 68.1 59.9 First Quarter 65.4 61.6 70.6 67.8 59.0 1996 Fourth Quarter 65.4 62.3 70.8 67.6 58.9 Third Quarter 65.6 62.8 70.7 67.5 59.2 Second Quarter 65.4 62.3 70.5 67.2 59.8 First Quarter 65.1 61.4 70.4 67.5 58.9 1995 Fourth Quarter 65.1 61.6 70.1 67.5 59.0 Third Quarter 65.0 62.2 70.1 66.6 59.1 Second Quarter 64.7 62.3 68.5 66.5 59.8 First Quarter 64.2 61.9 67.9 66.1 58.9 1994 Fourth Quarter 64.2 61.4 68.6 65.7 59.6 Third Quarter 64.1 61.4 67.9 66.0 59.0 Second Quarter 63.8 61.3 67.5 65.2 59.7 First Quarter 63.8 61.7 66.8 65.6 59.5 2Standard errors for quarterly homeownership rates by region generally are 0.4 percent. Homeownership rates by age of householder ranged from 38.6 percent for householders less than 35 years old to 80.3 percent for householders 55 to 64 years old in the second quarter 1997. The homeownership rate for householders 35 to 44 years old was higher than the rate one year ago, while rates for all other age categories showed no significant change. Table 6. Homeownership Rates by Age of Householder: 1994 to 1997 (In percent) Homeownership Rates3 Year/Quarter U.S. Less than 35 to 44 45 to 54 55 to 64 65 years total 35 years years years years and over . 1997 Second Quarter 65.7 38.6 66.3 75.6 80.3 79.1 First Quarter 65.4 38.6 65.5 75.5 79.6 79.2 1996 Fourth Quarter 65.4 39.1 65.5 75.6 80.1 79.2 Third Quarter 65.6 39.0 66.3 75.9 79.7 78.6 Second Quarter 65.4 39.3 65.5 75.5 80.0 78.9 First Quarter 65.1 38.8 64.6 75.5 80.2 79.1 1995 Fourth Quarter 65.1 39.1 65.5 75.2 79.5 78.7 Third Quarter 65.0 39.1 65.4 75.4 79.3 78.1 Second Quarter 64.7 38.7 65.1 75.2 79.9 78.1 First Quarter 64.2 37.7 64.9 74.9 79.4 77.5 1994 Fourth Quarter 64.2 38.0 64.7 74.9 79.2 77.7 Third Quarter 64.1 37.5 64.3 75.5 79.4 77.2 Second Quarter 63.8 36.8 64.6 75.2 79.1 77.2 First Quarter 63.8 37.1 64.4 75.0 79.3 77.4 3Standard errors for quarterly homeownership rates by age of householder generally are 0.4 percent. The homeownership rate in the second quarter 1997 remained highest for White non-Hispanic householders at 72.1 percent. The homeownership rate for Other Race householders was higher than in the second quarter 1996, while rates for White, White non-Hispanic, Black, and Hispanic householders showed no significant difference from a year ago. Table 7. Homeownership Rates by Race and Ethnicity of Householder: 1994 to 1997 (in percent) Homeownership Rates4 Non-Hispanic White Other Year/Quarter United White, non- Black, Race, Hispanic5 States, total Hispanic total total total total 1997 Second Quarter 65.7 69.4 72.1 44.4 52.7 43.3 First Quarter 65.4 69.0 71.6 44.5 51.8 42.6 1996 Fourth Quarter 65.4 69.1 71.8 44.4 51.4 42.3 Third Quarter 65.6 69.2 71.8 44.5 51.5 43.5 Second Quarter 65.4 69.2 71.7 43.7 50.0 43.9 First Quarter 65.1 68.7 71.4 43.8 50.9 41.4 1995 Fourth Quarter 65.1 68.8 71.2 44.3 48.4 41.1 Third Quarter 65.0 69.0 71.1 43.0 46.5 42.5 Second Quarter 64.7 68.7 70.9 42.2 46.7 42.8 First Quarter 64.2 68.2 70.4 41.2 47.2 41.8 1994 Fourth Quarter 64.2 68.0 70.2 42.6 47.6 42.2 Third Quarter 64.1 67.8 70.0 42.7 46.9 41.4 Second Quarter 63.8 67.6 69.9 41.8 46.3 41.1 First Quarter 63.8 67.4 69.8 42.1 50.1 40.3 4Standard errors for quarterly homeownership rates by race and ethnicity of householder generally are 0.2 percent for White and White non-Hispanic householders, 0.6 for Black householders, 1.0 percent for Other Race householders, and 0.8 for Hispanic householders. 5Hispanics can be of any race. The homeownership rate for households with incomes less than the median family income in the second quarter 1997 was 50.0 percent, compared with 80.8 percent for households with incomes greater than or equal to the median family income. These homeownership rates were each higher than the corresponding rates in the second quarter 1996. Table 8. Homeownership Rates by Family Income: 1994 to 1997 (in percent) Homeownership Rates6 United Households with Households with States, family income greater family income total or equal to median less than median family income7 family income7 Year/Quarter 1997 Second Quarter 65.7 80.8 50.0 First Quarter 65.4 79.7 49.9 1996 Fourth Quarter 65.4 80.1 49.8 Third Quarter 65.6 80.5 49.4 Second Quarter 65.4 80.3 49.2 First Quarter 65.1 79.7 49.4 1995 Fourth Quarter 65.1 79.8 49.4 Third Quarter 65.0 79.6 49.0 Second Quarter 64.7 79.5 48.6 First Quarter 64.2 79.1 48.1 1994 Fourth Quarter 64.2 78.8 48.6 Third Quarter 64.1 78.3 48.9 Second Quarter 63.8 78.4 48.0 First Quarter 63.8 78.5 48.1 6 Standard errors for quarterly homeownership rates by family income generally are 0.3 percent. 7Based on families or primary individuals reporting income. Note: This press release along with more detailed data are available on the Internet. Our Internet address is: https://www.census.gov/hhes/www/hvs.html The estimates in this release are based on a sample survey and therefore are subject to both sampling and non- sampling error. Sampling error is a result of not surveying the entire population. Non-sampling error occurs because accurate information cannot always be obtained. The standard errors provided in the tables are primarily measures of sampling error. Standard errors are used to: 1) measure the accuracy of the survey estimates, and 2) draw inferences from the survey data. For example, the standard error on the estimated rental vacancy rate of 7.9 percent is 0.2 percentage points. Consequently, the 90-percent confidence interval as shown by these data is from 7.6 to 8.2; i.e., the interval 7.9 + (1.6 x 0.2) percentage points. Thus, one can say with about 90-percent confidence that the average rental vacancy rate derived from all possible samples is included in this confidence interval. Statements about differences are made only when the 90-percent confidence interval on the estimated difference does not include zero.