UNITED STATES DEPARTMENT OF COMMERCE NEWS WASHINGTON, D.C. 20230 Robert R. Callis For Release 10:00 AM EDT, April 22, 1997 Alan Friedman CB97-59 (301) 763-8165 CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP (The numbers in parentheses denote the 90-percent confidence intervals.) National vacancy rates in the first quarter 1997 were 7.5 (+/- 0.3) percent in rental housing and 1.7 percent (+/- 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 not significantly different from the rate last quarter or the rate in the first quarter 1996. The homeowner vacancy rate was higher than the rate one year ago, but not different from 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 1.7 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) (8.0 percent and 8.8 percent) than in the suburbs (6.4 percent). The 8.0 percent and the 8.8 percent were not significantly different from each other. The rental vacancy rate in suburbs was lower than in the first quarter 1996, while rates in central cities and outside MAs were not significantly different from one year ago. For homeowner housing, the vacancy rates in central cities and outside MAs (2.0 percent each) were higher than in suburbs (1.5 percent). The homeowner vacancy rate outside MAs was higher than the rate one year ago, while rates in central cities and in the suburbs did not change significantly. Among regions, the rental vacancy rates in the Midwest (8.5 percent) and South (8.7 percent) were higher than rates in the Northeast (6.1 percent) and West (6.2 percent). The 8.5 percent was not significantly different from the 8.7 percent, nor was the 6.1 percent significantly different from the 6.2 percent. The rental vacancy rate in the West was lower than a year ago, while rates in the Northeast, Midwest, and South were not significantly different from one year ago. The homeowner vacancy rate was lowest in the Midwest (1.3 percent). Homeowner vacancy rates in the Northeast, South, and West (about 1.8 percent) were not significantly different from each other. The homeowner vacancy rate in the South was higher than one year ago, while rates in the Northeast, Midwest, and West showed no significant change from one year ago. Table 2. Rental and Homeowner Vacancy Rates By Area: First Quarter 1997 and 1996 (in percent) Rental vacancy rates Homeowner vacancy rates 1st 1st Std err Standard 1st 1st 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.. 7.5 7.9 0.2 0.3 1.7 1.6 0.1 0.1 Inside MAs.... 7.3 7.6 0.2 0.3 1.6 1.6 0.1 0.1 In central cities...... 8.0 8.0 0.3 0.4 2.0 2.1 0.1 0.2 Not in central cities (sub- urbs)....... 6.4 7.1 0.3 0.4 1.5 1.3 0.1 0.1 Outside MAs... 8.8 9.6 0.5 0.7 2.0 1.7 0.1 0.2 Northeast..... 6.1 6.9 0.4 0.5 1.8 1.7 0.2 0.2 Midwest....... 8.5 8.3 0.4 0.6 1.3 1.5 0.1 0.2 South......... 8.7 8.5 0.3 0.5 1.9 1.6 0.1 0.1 West.......... 6.2 7.6 0.3 0.5 1.8 1.7 0.1 0.2 There were an estimated 115.1 million housing units in the United States in the first quarter 1997 Approximately 101.7 million were occupied, 66.5 million by owners and 35.2 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 13.4 million vacant housing units, 10.0 million were for year-round use. Approximately 2.9 million of the year-round vacant units were for-rent, 1.2 million were for-sale-only, and the remaining 5.9 million were vacant for a variety of reasons. There was an increase in the number of vacant for-sale-only, other vacant, and seasonally vacant units, while the number of for-rent units did not change significantly from one year ago. Table 3. Estimates of the Total Housing Inventory for the United States: First Quarter 1997 and 1996 (Numbers in Thousands) Standard Type 1st 1st error on Standard Percent Qtr Qtr 1997 error on of total 1997 1996 Estimate difference (1997) All housing units........115,064 113,258 238 337 100 Occupied...................101,702 100,472 246 348 88 Owner ................... 66,497 65,453 240 340 58 Renter................... 35,205 35,019 198 280 31 Vacant..................... 13,362 12,786 131 183 12 Year-round vacant......... 10,007 9,656 115 161 9 For rent................ 2,886 3,026 63 90 3 For sale only........... 1,176 1,066 40 56 1 Other................... 5,945 5,564 89 124 5 Seasonal................... 3,355 3,130 68 94 3 During the first quarter 1997, the homeownership rate was 65.4 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 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 first quarter 1997 were highest in the Midwest (70.6 percent) and lowest in the West (59.0 percent). The homeownership rates in each region showed no significant change from the first 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 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 79.6 percent for householders 55 to 64 years old in the first 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 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 first quarter 1997 remained highest for White non-Hispanic householders at 71.6 percent. The homeownership rates for White, White non-Hispanic, Black, Other Race, 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, Hispanic States, total Hispanic total total total total 1997 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 71.0 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, 0.5 for Black householders, 1.0 percent for Other Race householders, and 0.7 for Hispanic householders. The homeownership rate for households with incomes less than the median family income in the first quarter 1997 was 49.9 percent, compared with 79.7 percent for households with incomes greater than or equal to the median family income. These homeownership rates were not statistically different from first quarter 1996 rates. Table 8. Homeownership Rates by Family Income: 1994 to 1997 (in percent) Homeownership Rates5 United Households with Households with States, family income greater family income total or equal to median less than median family income6 family income6 Year/Quarter 1997 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 5Standard errors for quarterly homeownership rates by family income generally are 0.3 percent. 6Based 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: http://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 7.5 percent is 0.2 percentage points. Consequently, the 90-percent confidence interval as shown by these data is from 7.2 to 7.8; i.e., the interval 7.5 +/- (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.