Housing Vacancies and Homeownership (CPS/HVS)

Second Quarter 1999

UNITED STATES DEPARTMENT OF COMMERCE

NEWS

WASHINGTON, D.C. 20230

Robert R. Callis For Release 10:00 AM EDT, July 22, 1999 Linda B. Cavanaugh CB99-132 (301) 763-3199

CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP

National vacancy rates in the second quarter 1999 were 8.1 percent in rental housing and 1.6 percent in homeowner housing, the Department of Commerce's Census Bureau announced today. The Census Bureau said that the rental vacancy rate was not significantly different from the rate in the second quarter of 1998 or from the rate last quarter. The homeowner vacancy rate was significantly lower than the rate last quarter, but showed no significant change from the rate in the second quarter of 1998.

Table 1. Rental and Homeowner Vacancy Rates for the United States: 1982 to 1999 (in percent)

	Rental vacancy rate				Homeowner vacancy rate
Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	First Quarter	Second Quarter	Third Quarter	Fourth Quarter

1999..... 1998..... 1997..... 1996..... 1995..... 1994..... 1993^r.... 1993..... 1992..... 1991..... 1990..... 1989^r.... 1989..... 1988..... 1987..... 1986..... 1985..... 1984..... 1983..... 1982.....	8.2 7.7 7.5 7.9 7.4 7.5 7.8 7.9 7.4 7.5 7.5 7.5 7.3 8.0 7.4 6.9 6.3 5.6 5.7 5.3	8.1 8.0 7.9 7.8 7.7 7.4 7.6 7.6 7.7 7.3 7.0 7.4 7.3 7.7 7.5 7.3 6.2 5.5 5.5 5.1	8.2 7.9 8.0 7.7 7.2 7.0 7.1 7.3 7.6 7.2 7.6 7.3 7.8 8.1 7.5 6.8 6.0 5.8 5.3	7.8 7.7 7.7 7.7 7.4 6.9 6.9 7.1 7.3 7.2 7.1 6.8 7.3 7.8 7.7 6.7 6.3 5.5 5.5	1.8 1.7 1.7 1.6 1.5 1.4 1.4 1.4 1.5 1.7 1.7 1.7 1.5 1.6 1.7 1.5 1.8 1.6 1.4 1.4	1.6 1.7 1.6 1.5 1.6 1.4 1.4 1.4 1.6 1.8 1.7 1.7 1.6 1.6 1.7 1.7 1.9 1.7 1.5 1.6	1.7 1.5 1.7 1.5 1.4 1.4 1.4 1.6 1.8 1.7 1.9 1.8 1.6 1.7 1.6 1.8 1.7 1.6 1.5	1.8 1.7 1.7 1.6 1.6 1.4 1.4 1.5 1.6 1.7 1.8 1.6 1.6 1.6 1.6 1.6 1.7 1.6 1.6

^rRevised.

For rental housing, the vacancy rates in central cities and outside Metropolitan Areas (MAs), 8.4 and 9.2 percent respectively, were higher than in the suburbs, 7.3 percent.¹ The rental vacancy rates in all areas were not significantly different from the second quarter of 1998. For homeowner housing, the vacancy rate was highest outside MAs at 2.1 percent. The homeowner vacancy rates outside MAs, in central cities, and in the suburbs were not significantly different from the second quarter of 1998. Among regions, the rental vacancy rate was highest in the South at 10.2 percent. None of the rental vacancy rates for the regions changed significantly from the second quarter of 1998. The homeowner vacancy rate was highest in the South at 1.9 percent. Only the rate for the South was lower than the rate last quarter, but it was not significantly different from the rate in the second quarter of 1998. The homeowner vacancy rates for the other regions did not change significantly from the second quarter of 1998.

Table 2. Rental and Homeowner Vacancy Rates By Area:

Second Quarter 1999 and 1998 (in percent)

	Rental vacancy rates				Homeowner vacancy rates
Area	Second Quarter 1999	Second Quarter 1998	Standard error on 1999 rate	Standard error on differ- ence	Second Quarter 1999	Second Quarter 1998	Standard error on 1999 rate	Standard error on differ- ence

United States........ Inside MAs......... In central cities Not in central cities (suburbs) Outside MAs...... Northeast........... Midwest............. South................. West..................	8.1 7.9 8.4 7.3 9.2 7.0 8.2 10.2 6.1	8.0 7.8 8.3 7.3 9.1 7.2 7.3 10.0 6.6	0.2 0.2 0.3 0.3 0.5 0.4 0.4 0.3 0.3	0.3 0.3 0.4 0.4 0.7 0.6 0.6 0.5 0.5	1.6 1.4 1.7 1.3 2.1 1.4 1.3 1.9 1.6	1.7 1.6 1.9 1.5 2.0 1.7 1.4 1.9 1.5	0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1	0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.1 0.2

¹The 8.4 percent and the 9.2 percent were not significantly different from each other. There were an estimated 119.3 million housing units in the United States in the second quarter of 1999. Approximately 104.8 million housing units were occupied, 69.8 million by owners and 35.0 million by renters. The number of owner-occupied units was higher than one year ago, while there was no significant change in renter-occupied units from one year ago. Of the 14.5 million vacant housing units, 11.0 million were for year-round use. Approximately 3.1 million of the year-round vacant units were for-rent, 1.1 million were for-sale-only, and the remaining 6.8 million were vacant for a variety of reasons.

Table 3. Estimates of the Total Housing Inventory for the United States:
Second Quarter 1999 and 1998
(Numbers in Thousands)

Type

Second
Quarter
1999

Second
Quarter
1998

Standard
error on
1999
Estimate

Standard
error on
difference

Percent of
total
(1999)

All housing units............

Occupied......................
Owner........................
Renter........................

Vacant..........................
Year-round.................
For rent...................
For sale only............
Other.......................

Seasonal.....................

119,306

104,826
69,820
35,006

14,480
11,024
3,134
1,123
6,767

3,456

117,401

103,521
68,347
35,174

13,880
10,672
3,112
1,167
6,393

3,208

234

244
243
198

136
120
65
39
95

69

332

346
343
280

190
168
92
56
133

95

100

88
59
29

12
9
3
1
6

3

During the second quarter of 1999, the homeownership rate was 66.6 percent. The homeownership rate was higher than the rate for the second quarter of 1998, but not significantly different from the rate last quarter.

Table 4. Homeownership Rates for the United States: 1980 to 1999

(in percent)

Year	Homeownership Rates²
Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter

1999.......................................... 1998.......................................... 1997.......................................... 1996.......................................... 1995.......................................... 1994.......................................... 1993^r......................................... 1993.......................................... 1992.......................................... 1991.......................................... 1990.......................................... 1989^r......................................... 1989......................................... 1988......................................... 1987......................................... 1986......................................... 1985......................................... 1984......................................... 1983......................................... 1982......................................... 1981......................................... 1980.........................................	66.7 65.9 65.4 65.1 64.2 63.8 63.7 64.2 64.0 63.9 64.0 63.9 63.9 63.7 63.8 63.6 64.1 64.6 64.7 64.8 65.6 65.5	66.6 66.0 65.7 65.4 64.7 63.8 63.9 64.4 63.9 63.9 63.7 63.8 63.9 63.7 63.8 63.8 64.1 64.6 64.7 64.9 65.3 65.5	66.8 66.0 65.6 65.0 64.1 64.2 64.7 64.3 64.2 64.0 64.1 64.0 64.0 64.2 63.8 63.9 64.6 64.8 64.9 65.6 65.8	66.4 65.7 65.4 65.1 64.2 64.2 64.6 64.4 64.2 64.1 63.8 63.8 63.8 64.1 63.9 63.5 64.1 64.4 64.5 65.2 65.5

²Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent.
^rRevised

Table 4SA shows the seasonally adjusted homeownership rates for the United States from 1980 to the present. (Research has shown that seasonality for homeownership rates is present.) The seasonally adjusted second quarter homeownership rate was higher than the rate for the second quarter of 1998, but not significantly different from the rate last quarter.

Table 4SA. Homeownership Rates for the United States: 1980 to 1999
Seasonally Adjusted (in percent)

Year	Homeownership Rates³ (Seasonally Adjusted)
Year	First Quarter	Second Quarter	Third Quarter	Fourth Quarter

1999.......................................... 1998.......................................... 1997.......................................... 1996.......................................... 1995.......................................... 1994.......................................... 1993^r......................................... 1993.......................................... 1992.......................................... 1991.......................................... 1990.......................................... 1989^r......................................... 1989......................................... 1988......................................... 1987......................................... 1986......................................... 1985......................................... 1984......................................... 1983......................................... 1982......................................... 1981......................................... 1980.........................................	66.8 66.0 65.5 ^r65.2 64.4 64.0 63.8 (NA) 64.1 64.0 64.1 64.0 (NA) 63.8 63.9 63.7 64.1 64.6 64.7 64.8 65.6 65.5	66.7 ^r66.1 ^r65.8 65.4 64.8 63.9 64.0 (NA) 64.0 64.1 63.9 63.9 (NA) 63.8 63.9 63.8 64.1 64.6 64.7 64.9 65.4 65.6	66.6 65.8 65.4 64.8 63.9 64.0 (NA) 64.1 64.0 63.8 63.9 (NA) 63.9 64.1 63.7 63.8 64.5 64.6 64.7 65.4 65.6	66.5 65.8 65.4 65.1 64.1 64.1 (NA) 64.3 64.1 64.0 63.7 (NA) 63.8 64.1 63.9 63.6 64.2 64.5 64.6 65.3 65.6

³Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent.
^rRevised.
(NA) Not Applicable. Only the revised series for 1989 and 1993 were used in calculating the seasonality adjustment.

Homeownership rates in the second quarter of 1999 were highest in the Midwest at 71.2 percent and lowest in the West at 61.3 percent. The homeownership rates for the Midwest and West regions were higher than the respective second quarter 1998 rates, while rates in the Northeast and South did not change significantly.

Table 5. Homeownership Rates for the United States and Regions:

1995 to 1999 (in percent)

Homeownership Rates⁴

Year/Quarter

United
States

Northeast

Midwest

South

West

1999
Second Quarter................
First Quarter.................

1998
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

66.6
66.7

66.4

66.8

66.0

65.9

62.8
62.7

62.0

63.4

62.7

62.4

71.2
71.2

71.5

71.7

70.3

70.6

68.9
69.2

69.0

68.8

68.4

68.2

61.3
61.0

60.4

61.1

60.3

60.1

1997
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

1996
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

1995
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

65.7

66.0

65.7

65.4

65.6

65.4

65.1

65.0

64.7

64.2

62.7

63.0

62.4

61.6

62.3

62.8

62.3

61.4

61.6

62.2

62.3

61.9

70.4

70.7

70.3

70.6

70.8

70.7

70.5

70.4

70.1

68.5

67.9

67.8

68.2

68.1

67.8

67.6

67.5

67.2

67.5

66.6

66.5

66.1

59.8

59.9

59.0

58.9

59.2

59.8

58.9

59.0

59.1

59.8

58.9

⁴Standard errors for quarterly homeownership rates by region generally are 0.4 percent.

Homeownership rates by age of householder ranged from 39.1 percent for householders less than 35 years old to 80.8 percent for householders 55 to 64 years old in the second quarter of 1999. The rate for householders 45 to 54 years of age and those age 65 years and over were higher than the respective second quarter 1998 rates.

Table 6. Homeownership Rates by Age of Householder: 1995 to 1999
(in percent)

Year/Quarter

Homeownership Rates⁵

United
States

Less than
35 years

35 to 44
years

45 to 54
years

55 to 64
years

65 years
and over

1999
Second Quarter........
First Quarter.........

1998
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

66.6
66.7

66.4

66.8

66.0

65.9

39.1
39.4

39.6

39.5

39.3

39.0

66.5
67.0

67.6

67.8

66.2

65.9

76.4
76.2

74.9

76.3

75.5

75.9

80.8
81.1

81.7

81.1

80.4

80.3

80.4
79.8

79.2

79.7

79.2

79.1

1997
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

1996
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

1995
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

65.7

66.0

65.7

65.4

65.6

65.4

65.1

65.0

64.7

64.2

38.7

38.9

38.6

39.1

39.0

39.3

38.8

39.1

38.7

37.7

65.9

66.5

66.3

65.5

66.3

65.5

64.6

65.5

65.4

65.1

64.9

75.7

76.3

75.6

75.5

75.6

75.9

75.5

75.2

75.4

75.2

74.9

80.3

80.1

80.3

79.6

80.1

79.7

80.0

80.2

79.5

79.3

79.9

79.4

79.1

79.2

79.1

79.2

78.6

78.9

79.1

78.7

78.1

77.5

⁵Standard errors for quarterly homeownership rates by age of householder generally are 0.4 percent.

The homeownership rate remained highest for White non-Hispanic householders at 73.2 percent. The rates for homeownership for White and White non-Hispanic householders increased significantly from the second quarter 1998 rates, while rates for Black, Other race, and Hispanic householders showed no significant change.

Table 7. Homeownership Rates by Race and Ethnicity of Householder: 1995 to 1999

(in percent)

Year/Quarter

Homeownership Rates⁶

U.S. Total

White,
total

White,
non-
Hispanic

Black,
total

Other
Race,
total

Hispanic⁷,
total

1999
Second Quarter.........
First Quarter..........

1998
Fourth Quarter.......

Third Quarter.........

Second Quarter......

First Quarter..........

1997
Fourth Quarter.......

Third Quarter.........

Second Quarter......

First Quarter..........

1996
Fourth Quarter.......

Third Quarter.........

Second Quarter......

First Quarter..........

1995
Fourth Quarter.......

Third Quarter.........

Second Quarter......

First Quarter..........

66.6
66.7

66.4

66.8

66.0

65.9

65.7

66.0

65.7

65.4

65.4

65.6

65.4

65.1

65.1

65.0

64.7

64.2

70.4
70.3

70.1

70.4

69.7

69.6

69.3

69.5

69.4

69.0

69.1

69.2

69.2

68.7

68.8

69.0

68.7

68.2

73.2
72.8

72.6

73.1

72.5

72.1

71.9

72.3

72.1

71.6

71.8

71.8

71.7

71.4

71.2

71.1

70.9

70.4

45.3
46.3

45.9

46.6

44.7

45.2

45.1

45.3

44.4

44.5

44.4

44.5

43.7

43.8

44.3

43.0

42.2

41.2

53.2
52.8

52.7

53.6

53.5

52.3

52.5

53.1

52.7

51.8

51.4

51.5

50.0

50.9

48.4

46.5

46.7

47.2

44.9
46.2

45.7

44.9

43.9

44.4

44.0

43.0

43.3

42.6

42.3

43.5

43.9

41.4

41.1

42.5

42.8

41.8

⁶Standard errors for quarterly homeownership rates by race and ethnicity of householder generally are 0.2 percent for White and White non-Hispanic householders, 0.5 percent for Black householders, 1.0 percent for Other Race householders, and 0.7 percent for Hispanic householders.

⁷Hispanics may be of any race.

     The homeownership rate for households with incomes less than the median family
income in the second quarter of 1999 was 50.8 percent, while the rate for
households with incomes greater than or equal to the median family income was
81.5 percent.  Both rates were higher than the corresponding second quarter 1998
rates.

Table 8. Homeownership Rates by Family Income: 1995 to 1999 (in percent)

Homeownership Rates⁸

Year/Quarter

United States

Households with family income greater than or equal to the median family income⁹

Households with family income less than the median family income

1999
Second Quarter................
First Quarter.................

1998
Fourth Quarter.............

Third Quarter...............

Second Quarter............

First Quarter.................

66.6
66.7

66.4

66.8

66.0

65.9

81.5
81.1

80.7

81.6

80.7

50.8
51.2

51.1

50.0

50.2

1997
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

1996
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

1995
Fourth Quarter..............

Third Quarter................

Second Quarter.............

First Quarter..................

65.7

66.0

65.7

65.4

65.4

65.6

65.4

65.1

65.1

65.0

64.7

64.2

80.5

80.9

80.8

79.7

80.1

80.5

80.3

79.7

79.8

79.6

79.5

79.1

50.0

50.2

50.0

49.9

49.8

49.4

49.2

49.4

49.4

49.0

48.6

48.1

⁸Standard errors for quarterly homeownership rates by family income generally are 0.3 percent.

⁹Based 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 8.1 percent is 0.2 percentage points. Consequently, the 90-percent confidence interval as shown by these data is from 7.8 to 8.4; i.e., the interval 8.1 + (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.
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Second Quarter 1999