Housing Vacancies and Homeownership (CPS/HVS)

Fourth Quarter 1999

UNITED STATES DEPARTMENT OF COMMERCE
NEWS

WASHINGTON, D.C. 20230

Robert R. Callis For Release 10:00 AM EDT, January 27, 2000 Linda B. Cavanaugh CB00-09 (301) 763-3199

CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP

     National vacancy rates in the fourth quarter 1999 were 7.9 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
neither the rental vacancy rate nor the homeowner vacancy rate was
significantly different from its corresponding rate in the fourth
quarter of 1998 or from the rate last quarter.

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	Third Quarter	Third Quarter	Fourth Quarter	First Quarter	Third 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 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	7.9 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	1.6 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	1.6 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 were highest outside
Metropolitan Areas (MAs), 9.6 percent and lowest in the suburbs, 7.1
percent.  The rental vacancy rates in all areas were not significantly
different from their respective fourth quarter 1998 rates.

     The homeowner vacancy rate in central cities, 1.8 percent, was lower
than the rate for the fourth quarter of 1998, while rates in the suburbs
and outside MAs did not change significantly.

     Among regions, the rental vacancy rate was highest in the South,
10.2 percent, and lowest in the Northeast 5.3 percent.  None of the
rental vacancy rates for the regions changed significantly from those
reported in the fourth quarter of 1998.

     The homeowner vacancy rate for the Midwest, 1.0 percent was
significantly lower than the other regions and was also lower than
the corresponding rate for the fourth quarter of 1998.  The other
regions did not change significantly from their respective rates
last year.

Table 2. Rental and Homeowner Vacancy Rates By Area:
Fourth Quarter 1999 and 1998 (in percent)

	Rental vacancy rates				Homeowner vacancy rates
Area	Fourth Quarter 1999	Fourth Quarter 1998	Standard error on 1999 rate	Standard error on differ- ence	Fourth Quarter 1999	Fourth 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..................	7.9 7.7 8.2 7.1 9.6 5.3 9.0 10.2 6.1	7.8 7.5 8.0 6.9 9.3 6.1 8.0 9.5 6.6	0.2 0.2 0.3 0.3 0.5 0.4 0.5 0.3 0.3	0.3 0.3 0.4 0.4 0.7 0.5 0.6 0.5 0.5	1.6 1.5 1.8 1.4 2.0 1.5 1.0 2.0 1.8	1.8 1.7 2.3 1.5 1.9 1.3 1.5 2.1 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 118.8 million housing units in the United States in the fourth quarter of 1999. Approximately 105.3 million housing units were occupied, 70.5 million by owners and 34.8 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 13.5 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, 1.2 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:
Fourth Quarter 1999 and 1998
(Numbers in Thousands)

Type

Fourth
Quarter
1999

Fourth
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.....................

118,827

105,286
70,455
34,831

13,541
10,428
3,046
1,181
6,201

3,113

117,589

104,035
69,097
34,938

13,554
10,514
2,978
1,242
6,294

3,040

234

244
243
197

132
117
64
40
91

65

332

346
343
279

186
165
91
58
129

92

100

89
59
29

11
9
3
1
5

3

During the fourth quarter of 1999, the homeownership rate was 66.9 percent. The homeownership rate was higher than the rate for the fourth quarter of 1998, but was not significantly different than the rate last quarter.

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

Year	Homeownership Rates¹
Year	First Quarter	Third 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	67.0 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	66.9 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

¹Standard errors for quarterly homeownership rates for the United States generally are 0.2 percent.

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 fourth quarter homeownership rate, 67.0 percent, was higher than the rate for the fourth 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 Rates² (Seasonally Adjusted)
Year	First Quarter	Third 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 65.2 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 66.1 ^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	66.8 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	67.0 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

²Standard 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 fourth quarter of 1999 were highest in the Midwest at 72.5 percent and lowest in the West at 60.6 percent. Both the Northeast, 63.2 percent, and Midwest, 72.5 percent showed an increase in their respective fourth quarter 1999 rates from those shown one year ago None of the homeownership rates changed significantly from the rates shown in the previous quarter of 1999.

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

1995 to 1999 (in percent)

Homeownership Rates³

Year/Quarter

United
States

Northeast

Midwest

South

West

1999

Fourth Quarter...............

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

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

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

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

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

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

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

66.9

67.0

66.6

66.7

66.4

66.8

66.0

65.9

63.2

63.6

62.8

62.7

62.0

63.4

62.7

62.4

72.5

72.1

71.2

71.5

71.7

70.3

70.6

69.1

69.3

68.9

69.2

69.0

68.8

68.4

68.2

60.6

60.8

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

³Standard errors for quarterly homeownership rates by region generally are 0.5 percent.

Homeownership rates by age of householder ranged from 40.3 percent for householders less than 35 years old to 81.3 percent for householders 55 to 64 years old in the fourth quarter of 1999. None of the rates for the various age groups was significantly different from those reported during the fourth quarter of 1998.

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

Year/Quarter

Homeownership Rates⁴

United
States

Less than
35 years

35 to 44
years

45 to 54
years

55 to 64
years

65 years
and over

1999
Fourth Quarter.......

Third Quarter........

Second Quarter........

First Quarter.........

1998
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

66.9

67.0

66.6

66.7

66.4

66.8

66.0

65.9

40.3

40.1

39.1

39.4

39.6

39.5

39.3

39.0

67.9

67.4

66.5

67.0

67.6

67.8

66.2

65.9

75.2

76.3

76.4

76.2

74.9

76.3

75.5

75.9

81.3

80.7

80.8

81.1

81.7

81.1

80.4

80.3

79.6

80.8

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

⁴Standard errors for quarterly homeownership rates by age of householder generally are 0.4 percent.

The homeownership rates by race and ethnicity of householder ranged from 45.5 percent for Hispanic householders to 73.3 percent for White non-Hispanic householders. The rates for both White and White non-Hispanic householders were higher than the respective rates for the fourth quarter of 1998.

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

(in percent)

Year/Quarter

Homeownership Rates⁵

U.S. Total

White,
total

White,
non-
Hispanic

Black,
total

Other
Race,
total

Hispanic⁶,
total

1999
Fourth Quarter.........

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

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..........

66.9

67.0

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

70.5

70.7

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

73.3

73.5

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

46.8

46.6

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

54.3

54.5

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

45.5

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

⁵Standard 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.

⁶Hispanics may be of any race.

The homeownership rate for households with incomes less than the median family income in the fourth quarter of 1999 was 51.2 percent, while the rate for households with incomes greater than or equal to the median family income was 81.6 percent. The former rate was statistically unchanged from the corresponding fourth quarter 1998 rate, while the latter was significantly higher.

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

Homeownership Rates⁷

Year/Quarter

United States

Households with family income greater than or equal to the median family income⁸

Households with family income less than the median family income

1999
Fourth Quarter................

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

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

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

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

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

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

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

66.9

67.0

66.6

66.7

66.4

66.8

66.0

65.9

81.6

81.7

81.5

81.1

80.7

81.6

80.7

51.2

51.4

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

⁷Standard errors for quarterly homeownership rates by family income generally are 0.3 percent.

⁸Based 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: 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 percent; 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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Fourth Quarter 1999