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Housing Vacancies and Homeownership (CPS/HVS)
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Third Quarter 1998
UNITED STATES DEPARTMENT OF COMMERCENEWS
WASHINGTON, D.C. 20230
Robert R. Callis For Release 10:00 AM EDT, October 22, 1998 Linda B. Cavanaugh CB98-190 (301) 763-3199CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP
(The numbers in parentheses denote the 90-percent confidence intervals.)
National vacancy rates in the third quarter 1998 were 8.2 (+ 0.3) percent in rental housing and 1.7 (+ 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 from the rate in the third quarter of 1997. The homeowner vacancy rate also showed no significant change from the rate last quarter, but was higher than the rate in the third quarter of 1997.
Table 1. Rental and Homeowner Vacancy Rates for the United States: 1982 to 1998 (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 |
|
|
||||||||
| 1998.....
1997..... 1996..... 1995..... 1994..... 1993r.... 1993..... 1992..... 1991..... 1990..... 1989r.... 1989..... 1988..... 1987..... 1986..... 1985..... 1984..... 1983..... 1982..... |
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 |
8.0
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 |
7.7 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 |
1.7
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 |
1.7
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 |
1.7 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), 8.5 and 9.6 percent respectively, were higher than in the suburbs, 7.3 percent. 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, 2.0 percent and 2.2 percent respectively, were higher than in the suburbs, 1.4 percent, though not significantly different from each other. The homeowner vacancy rate outside MAs was higher than one year ago, while rates in central cities and in the suburbs were not significantly different.
Among regions, the rental vacancy rate was highest in the South at 9.9 percent. The South showed a significant increase from one year ago, while the other regions did not change significantly.
The homeowner vacancy rate was highest in the South and West at 2.0 percent and 1.8 percent, respectively. In the South and Midwest, the homeowner vacancy rates were higher than the rates one year ago, while the rates in other regions did not change significantly.
Table 2. Rental and Homeowner Vacancy Rates By Area:
Third Quarter 1998 and 1997 (in percent)
| Rental vacancy rates | Homeowner vacancy rates | |||||||
|
|
Third Quarter 1998 |
Third Quarter 1997 |
Standard error on 1998 rate |
Standard error on differ- ence |
Third Quarter 1998 |
Third Quarter 1997 |
Standard error on 1998 rate |
Standard error on differ- ence |
| United
States........
Inside MAs......... In central cities Not
in
central Outside MAs...... Northeast........... Midwest............. South................. West.................. |
8.2
8.0 8.5 7.3 9.6 7.0 8.5 9.9 6.6 |
7.9
7.6 8.2 7.0 9.0 7.2 7.9 9.1 6.8 |
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 |
1.7
1.6 2.0 1.4 2.2 1.4 1.4 2.0 1.8 |
1.5
1.5 1.8 1.4 1.7 1.5 1.2 1.7 1.7 |
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 117.4 million housing units in the United States in the third quarter of 1998. Approximately 103.5 million housing units were occupied, 69.1 million by owners and 34.3 million by renters. The number of owner-occupied units was higher than one year ago, while renter-occupied units were lower than one year ago. Of the 13.9 million vacant housing units, 10.5 million were for year-round use. Approximately 3.1 million of the year-round vacant units were for-rent, 1.2 million were for-sale-only, and the remaining 6.2 million were vacant for a variety of reasons.
Table 3. Estimates of the Total Housing Inventory for the United States:
Third Quarter 1998 and 1997
(Numbers in Thousands)
|
Type |
Third Quarter 1998 |
Third Quarter 1997 |
Standard error on 1998 Estimate |
Standard error on difference |
Percent of total (1998) |
| All housing
units.............
Occupied...................... Owner........................ Renter........................ Vacant.......................... Year-round................. For rent................... For sale only............ Other....................... Seasonal..................... |
117,368
103,492 69,143 34,349 13,876 10,508 3,120 1,208 6,180 3,368 |
115,804
102,433 67,556 34,877 13,371 10,013 3,018 1,062 5,933 3,358 |
235
245 242 196 133 117 65 41 91 68 |
334
347 342 278 187 164 92 56 128 96 |
100
88 59 29 12 9 3 1 5 3 |
During the third quarter of 1998, the homeownership rate was 66.8 (+0.3) percent. The homeownership rate was higher than the rate last quarter and higher than the rate for the third quarter of 1997. In fact, the third quarter 1998 rate of 66.8 percent was the highest level of homeownership ever recorded in the survey, which began in 1956.
Table 4. Homeownership Rates for the United States: 1980 to 1998
(in percent)
|
Year |
Homeownership Rates1 | |||
|
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter | |
| 1998..........................................
1997.......................................... 1996.......................................... 1995.......................................... 1994.......................................... 1993r......................................... 1993.......................................... 1992.......................................... 1991.......................................... 1990.......................................... 1989r......................................... 1989......................................... 1988......................................... 1987......................................... 1986......................................... 1985......................................... 1984......................................... 1983......................................... 1982......................................... 1981......................................... 1980......................................... |
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 |
66.0
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 |
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 |
1Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent.
rRevised
Table 4SA is a new table presented for the first time in this report. The table 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 for the United States. For information on the seasonality research, contact Linda B. Cavanaugh at (301) 763-3199.
Table 4SA. Homeownership Rates for the United States: 1980 to 1998
Seasonally Adjusted (in percent)
|
Year |
Homeownership Rates1 (Seasonally Adjusted) | |||
|
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter | |
| 1998..........................................
1997.......................................... 1996.......................................... 1995.......................................... 1994.......................................... 1993r......................................... 1993.......................................... 1992.......................................... 1991.......................................... 1990.......................................... 1989r......................................... 1989......................................... 1988......................................... 1987......................................... 1986......................................... 1985......................................... 1984......................................... 1983......................................... 1982......................................... 1981......................................... 1980......................................... |
66.1
65.6 65.3 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 |
66.0
65.7 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 |
66.5
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 |
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 |
1Standard 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 third quarter of 1998 were highest in the Midwest, 71.7 percent, and lowest in the West, 61.1 percent. The overall increase in the homeownership rate was geographically broad based as the rates in the Midwest, the South and the West regions were also higher than the respective rates one year ago. Only the homeownership rate in the Northeast showed no significant difference from the rate last year.
Table 5. Homeownership Rates for the United States and Regions:
1994 to 1998 (in percent)
|
Homeownership Rates2 | |||||
|
Year/Quarter |
United States |
Northeast |
Midwest |
South |
West |
|
1998 Third Quarter................ Second Quarter............. First Quarter.................. |
66.8 66.0 65.9 |
63.4 62.7 62.4 |
71.7 70.3 70.6 |
68.8 68.4 68.2 |
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............. 1994 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 64.2 64.1 63.8 63.8 |
62.7 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 |
70.4 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 |
67.8 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 59.8 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 39.5 percent for householders less than 35 years old to 81.1 percent for householders 55 to 64 years old in the third quarter of 1998. The rates for householders 35 to 44 and those 55 to 64 were higher than the rates one year ago, while rates for other age categories showed no significant change.
Table 6. Homeownership Rates by Age of Householder: 1994 to 1998
(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 | |
|
1998 Third Quarter........ Second Quarter..... First Quarter......... |
66.8 66.0 65.9 |
39.5 39.3 39.0 |
67.8 66.2 65.9 |
76.3 75.5 75.9 |
81.1 80.4 80.3 |
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......... 1994 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 64.2 64.1 63.8 63.8 |
38.7 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 |
65.9 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 |
75.7 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 |
80.3 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 |
79.1 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 73.1 percent. All of the rates for homeownership by race or ethnicity, except the Other Race category, increased significantly from the rates one year ago. The homeownership rates for whites and blacks were at their highest level since race data were first tabulated for this press release in 1994.
Table 7. Homeownership Rates by Race and Ethnicity of Householder: 1994 to 1998
(in percent)
|
Homeownership Rates4 | ||||||
|
Year/Quarter |
U.S total |
White, total |
White non- Hispanic |
Black, total |
Other Race, total |
Hispanic5, total |
|
1998 Third Quarter........ Second Quarter..... First Quarter......... |
66.8 66.0 65.9 |
70.4 69.7 69.6 |
73.1 72.5 72.1 |
46.6 44.7 45.2 |
53.6 53.5 52.3 |
44.9 43.9 44.4 |
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......... 1994 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 64.2 64.1 63.8 63.8 |
69.3 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 |
71.9 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 |
45.1 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 |
52.5 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 |
44.0 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, 0.5 for Black householders, 1.0 percent for Other Race householders, and 0.7 for Hispanic householders.
5Hispanics may be of any race.
The homeownership rate for households with incomes less than the median family income in the third quarter of 1998 was 51.1 percent, compared with 81.6 percent for households with incomes greater than or equal to the median family income. These rates were higher than the rates one year ago.
Table 8. Homeownership Rates by Family Income: 1994 to 1998 (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 income |
|
1998 Third Quarter............... Second Quarter............ First Quarter................. |
66.8 66.0 65.9 |
81.6 80.7 80.7 |
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.................. 1994 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 64.2 64.1 63.8 63.8 |
80.5 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 |
50.0 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 8.2 percent is 0.2 percentage points. Consequently, the 90-percent confidence interval as shown by these data is from 7.9 to 8.5; i.e., the interval 8.2 + (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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