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Housing Vacancies and Homeownership (CPS/HVS)
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Third Quarter 1997
UNITED STATES DEPARTMENT OF
COMMERCE NEWS
WASHINGTON, D.C. 20230
Robert R. Callis For Release 10:00 AM EDT, October 23, 1997
Linda Cavanaugh CB97-169
(301) 763-3199
CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP
(The numbers in parentheses denote the 90-percent confidence intervals.)
National vacancy rates in the third quarter 1997 were 7.9 (+ 0.3) percent in rental housing and 1.5 (+ 0.1) percent in homeowner housing, the Department of Commerce's Census Bureau announced today. The Census Bureau said that neither the rental vacancy rate nor the homeowner vacancy rate was significantly different from the rate last quarter, or from the rate in the third quarter of 1996.
Table 1. Rental and Homeowner Vacancy Rates for the United States: 1980 to 1997 (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 |
| 1997.....
1996..... 1995..... 1994..... 1993r.... 1993..... 1992..... 1991..... 1990..... 1989r.... 1989..... 1988..... 1987..... 1986..... 1985..... 1984..... 1983..... 1982..... 1981..... 1980..... |
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 5.2 5.2 |
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 5.0 5.6 |
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 5.0 5.7 |
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 5.0 5.0 |
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 1.3 1.3 |
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 1.3 1.4 |
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 1.5 1.4 |
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 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 9.0 percent, respectively, than in the suburbs, 7.0 percent. (The 8.2 percent and the 9.0 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, 1.8 percent and 1.7 percent, respectively, were higher than in the suburbs, 1.4 percent. (The 1.8 percent and the 1.7 percent were not significantly different from each other.) The homeowner vacancy rate in the suburbs was lower 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 9.1 percent. The rental vacancy rates in all regions showed no significant change from one year ago.
The homeowner vacancy rate was lowest in the Midwest at 1.2 percent. Homeowner vacancy rates in the Northeast, South, and West were not significantly different from each other. The homeowner vacancy rates in all regions showed no significant change from one year ago.
Table 2. Rental and Homeowner Vacancy Rates By Area: Third Quarter 1997 and 1996 (in percent)
| Rental vacancy rates | Homeowner vacancy rates | |||||||
|
Area |
Third Quarter 1997 | Third Quarter 1996 | Standard error on 1997 rate | Standard error on differ-ence | Third Quarter 1997 | Third Quarter 1996 | Standard error on 1997 rate | Standard error on difference |
|---|---|---|---|---|---|---|---|---|
| United States
Inside MAs
In central cities
Not in central
cities(suburbs)
Outside MAs...
Northeast........
Midwest..........
South..............
West...............
|
7.9
7.6
8.2
7.0
9.0
7.2
7.9
9.1
6.8 |
8.0
7.9
8.7
7.1
8.4
7.8
7.8
8.7
7.4 |
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 |
1.5
1.5
1.8
1.4
1.7
1.5
1.2
1.7
1.7 |
1.7
1.6
1.8
1.6
1.7
1.6
1.4
1.8
1.8 |
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 |
There were an estimated 115.8 million housing units in the United States in the third quarter of 1997. Approximately 102.4 million housing units were occupied, 67.6 million by owners and 34.9 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 3.0 million of the year-round vacant units were for-rent, 1.1 million were for-sale-only, and the remaining 5.9 million were vacant for a variety of reasons. There was no significant change in the number of vacant-units from the third quarter of 1996.Table 3. Estimates of the Total Housing Inventory for the United States: Third Quarter 1997 and 1996 (Numbers in Thousands)
| Type | Third Quarter 1997 |
Third Quarter 1996 |
Standard error on 1997 Estimate | Standard error on difference | Percent of total (1997) |
|---|---|---|---|---|---|
|
All housing units............
Occupied...................... Owner........................ Renter........................
Vacant.......................... Year-round................. For rent................... For sale only............ Other.......................
Seasonal..................... |
115,804
102,433 67,556 34,877
13,371 10,013 3,018 1,062 5,933
3,358 |
114,534
101,120 66,288 34,832
13,414 10,197 3,080 1,119 5,998
3,217 |
237
246 241 197
131 115 64 38 89
68 |
336
348 341 279
186 163 91 55 127
95 |
100
88 58 30
12 9 3 1 5
3 |
During the third quarter of 1997, the homeownership rate was 66.0 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)
|
Year |
Homeownership Rates1 | |||
| First Quarter |
Second Quarter | Third Quarter | Fourth Quarter | |
| 1997..........................................
1996.......................................... 1995.......................................... 1994.......................................... 1993r.........................................
1993.......................................... 1992.......................................... 1991.......................................... 1990.......................................... 1989r.........................................
1989......................................... 1988......................................... 1987......................................... 1986......................................... 1985......................................... 1984......................................... 1983......................................... 1982......................................... 1981......................................... 1980......................................... |
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 |
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 |
66.0
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 |
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 |
1Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent.rRevised.
Homeownership rates in the third quarter of 1997 were highest in the Midwest, 70.7 percent, and lowest in the West, 59.8 percent. The homeownership rate in the South was higher than the third quarter 1996 rate, while rates in the Northeast, Midwest, and West showed no significant change from the third quarter of 1996.
Table 5. Homeownership Rates for the United States and Regions:1994 to 1997 (in percent)
|
Homeownership Rates2 | |||||
| Year/Quarter | United States | Northeast | Midwest | South | West |
| 1997
Third Quarter................ Second Quarter............. First Quarter.................. 1996 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. 1995 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. 1994 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. |
66.0 65.7 65.4
65.4 65.6 65.4 65.1
65.1 65.0 64.7 64.2
64.2 64.1 63.8 63.8 |
63.0 62.4 61.6
62.3 62.8 62.3 61.4
61.6 62.2 62.3 61.9
61.4 61.4 61.3 61.7 |
70.7 70.3 70.6
70.8 70.7 70.5 70.4
70.1 70.1 68.5 67.9
68.6 67.9 67.5 66.8 |
68.2 68.1 67.8
67.6 67.5 67.2 67.5
67.5 66.6 66.5 66.1
65.7 66.0 65.2 65.6
|
59.8 59.9 59.0
58.9 59.2 59.8 58.9
59.0 59.1 59.8 58.9
59.6 59.0 59.7 59.5 |
2Standard errors for quarterly homeownership rates by region generally are 0.4 percent.
Homeownership rates by age of householder ranged from 38.9 percent for householders less than 35 years old to 80.1 percent for householders 55 to 64 years old in the third quarter of 1997. There were no age categories for which the homeownership rate showed a significant change from one year ago.
Table 6. Homeownership Rates by Age of Householder: 1994 to 1997
(In percent)
|
Year/Quarter |
Homeownership Rates3 | |||||
| United States |
Less than
35 years |
35 to 44
years |
45 to 54
years |
55 to 64
years |
65 years
and over | |
| 1997
Third Quarter........ Second Quarter..... First Quarter......... 1996 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... 1995 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... 1994 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... |
66.0 65.7 65.4
65.4 65.6 65.4 65.1
65.1 65.0 64.7 64.2
64.2 64.1 63.8 63.8 |
38.9 38.6 38.6
39.1 39.0 39.3 38.8
39.1 39.1 38.7 37.7
38.0 37.5 36.8 37.1 |
66.5 66.3 65.5
65.5 66.3 65.5 64.6
65.5 65.4 65.1 64.9
64.7 64.3 64.6 64.4 |
76.3 75.6 75.5
75.6 75.9 75.5 75.5
75.2 75.4 75.2 74.9
74.9 75.5 75.2 75.0 |
80.1 80.3 79.6
80.1 79.7 80.0 80.2
79.5 79.3 79.9 79.4
79.2 79.4 79.1 79.3 |
79.2 79.1 79.2
79.2 78.6 78.9 79.1
78.7 78.1 78.1 77.5
77.7 77.2 77.2 77.4 |
3Standard 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 72.3 percent. The rate for White non-Hispanic householders was higher than in the third quarter of 1996, while rates for White, Black, Other Race and Hispanic householders showed no significant difference from one year ago.
Table 7. Homeownership Rates by Race and Ethnicity of Householder: 1994 to 1997 (in percent)
|
Homeownership Rates4 | ||||||
| Year/Quarter | U.S total |
White, total |
White non-Hispanic |
Black, total |
Other Race, total |
Hispanic5, total |
| 1997
Third Quarter........ Second Quarter..... First Quarter......... 1996 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... 1995 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... 1994 Fourth Quarter...... Third Quarter........ Second Quarter..... First Quarter......... |
66.0 65.7 65.4
65.4 65.6 65.4 65.1
65.1 65.0 64.7 64.2
64.2 64.1 63.8 63.8 |
69.5 69.4 69.0
69.1 69.2 69.2 68.7
68.8 69.0 68.7 68.2
68.0 67.8 67.6 67.4 |
72.3 72.1 71.6
71.8 71.8 71.7 71.4
71.2 71.1 70.9 70.4
70.2 70.0 69.9 69.8 |
45.3 44.4 44.5
44.4 44.5 43.7 43.8
44.3 43.0 42.2 41.2
42.6 42.7 41.8 42.1 |
53.1 52.7 51.8
51.4 51.5 50.0 50.9
48.4 46.5 46.7 47.2
47.6 46.9 46.3 50.1 |
43.0 43.3 42.6
42.3 43.5 43.9 41.4
41.1 42.5 42.8 41.8
42.2 41.4 41.1 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 third quarter of 1997 was 50.2 percent, compared with 80.9 percent for households with incomes greater than or equal to the median family income. The homeownership rate for households with incomes less than the median family income was higher than the corresponding rate one year ago, while the rate for those households with incomes greater than or equal to the median family income showed no significant change.
Table 8. Homeownership Rates by Family Income: 1994 to 1997
(in percent)
|
Homeownership Rates6 | |||
|
Year/Quarter |
United States |
Households with family income greater than or equal to the median family income7 | Households with family income less than the median family income7 |
|---|---|---|---|
1997 Third Quarter................ Second Quarter............. First Quarter.................. 1996 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. 1995 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. 1994 Fourth Quarter.............. Third Quarter................ Second Quarter............. First Quarter.................. |
66.0 65.7 65.4
65.4 65.6 65.4 65.1
65.1 65.0 64.7 64.2
64.2 64.1 63.8 63.8 |
80.9 80.8 79.7
80.1 80.5 80.3 79.7
79.8 79.6 79.5 79.1
78.8 78.3 78.4 78.5 |
50.2 50.0 49.9
49.8 49.4 49.2 49.4
49.4 49.0 48.6 48.1
48.6 48.9 48.0 48.1 |
6Standard 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: http://www.census.gov/housing/hvs/ |
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.
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