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First Quarter 1998

UNITED STATES DEPARTMENT OF                     
COMMERCE
NEWS 

WASHINGTON, D.C. 20230


Robert R. Callis For Release 10:00 AM EDT, April 21, 1998 Linda B. Cavanaugh CB98-58 (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 first quarter 1998 were 7.7 (+ 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 first quarter of 1997. The homeowner vacancy rate also showed no change from the rate last quarter and was not significantly different from the rate in the first 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



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



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



1.6

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



1.5

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), 8.0 and 8.8 percent respectively, were higher than in the suburbs, 7.0 percent. (The 8.0 percent and the 8.8 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, 1.9 percent for each, were higher than in the suburbs, 1.6 percent. The homeowner vacancy rates in central cities, in the suburbs and outside MAs were not significantly different from one year ago.

Among regions, the rental vacancy rate was highest in the South at 9.2 percent. The rental vacancy rate in the West showed a significant change from one year ago, increasing from 6.2 percent to 7.0 percent, while the other regions did not change significantly.

The homeowner vacancy rate in the South was 2.1 percent, compared to 1.3 percent in the Midwest. The homeowner vacancy rate in the West was lower than the rate one year ago, dropping from 1.8 percent to 1.5 percent, while rates in other regions did not change significantly.

Table 2. Rental and Homeowner Vacancy Rates By Area:

First Quarter 1998 and 1997 (in percent)

Rental vacancy rates Homeowner vacancy rates

Area
First
Quarter
1998
First
Quarter
1997
Standard
error on
1998
rate
Standard
error on
differ-
ence
First
Quarter
1998
First
Quarter
1997
Standard
error on
1998
rate
Standard
error on
differ-
ence
United States........

Inside MAs.........

In central cities

Not in central
cities (suburbs)

Outside MAs......

Northeast...........

Midwest.............

South.................

West..................

7.7

7.5

8.0


7.0

8.8

6.3

7.7

9.2

7.0

7.5

7.3

8.0


6.4

8.8

6.1

8.5

8.7

6.2

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

0.5

0.6

0.5

0.5

1.7

1.7

1.9


1.6

1.9

1.8

1.3

2.1

1.5

1.7

1.6

2.0


1.5

2.0

1.8

1.3

1.9

1.8

0.1

0.1

0.1


0.1

0.1

0.2

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 116.8 million housing units in the United States in the first quarter of 1998. Approximately 103.1 million housing units were occupied, 68.0 million by owners and 35.1 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 13.7 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. The total number of vacant units showed a significant increase from the first quarter of 1997 as did the number of vacant units for year-round use as well as those held off the market for a variety of reasons.

Table 3. Estimates of the Total Housing Inventory for the United States:
First Quarter 1998 and 1997

(Numbers in Thousands)

Type First
Quarter
1998
First
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.....................

116,770

103,086

67,963

35,123

13,684

10,370

2,975

1,202

6,193

3,314

115,064

101,702

66,497

35,205

13,362

10,007

2,886

1,176

5,945

3,355

236

245

242

198

132

116

64

41

91

67

335

347

341

280

186

163

89

57

128

95

100

88

58

30

12

9

3

1

5

3



During the first quarter of 1998, the homeownership rate was 65.9 percent (+0.3) percent. The homeownership rate showed a significant increase from the rate of 65.4 percent one year ago, but not from the rate last quarter.

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



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



65.7

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

Homeownership rates in the first quarter of 1998 were highest in the Midwest, 70.6 percent, and lowest in the West, 60.1 percent. The homeownership rate in the West was higher than the first quarter 1997 rate, while rates in the Northeast, Midwest, and South showed no significant change from the rate one year ago.

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

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



65.9



62.4


70.6


68.2


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 39.0 percent for householders less than 35 years old to 80.3 percent for householders 55 to 64 years old in the first quarter of 1998. None of the age categories showed any significant change from one year ago.

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

First Quarter.........



65.9


39.0


65.9


75.9


80.3


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 72.1 percent. The rate for Hispanic householders, 44.4 percent, was higher than the corresponding rate of 42.6 percent in the first quarter of 1997. Rates for White and White non-Hispanic householders also showed significant increases from one year ago, while rates for Blacks and Other Race householders did not change significantly from one year ago.

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

First Quarter.........

1997



65.9



69.6


72.1


45.2


52.3


44.4
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, 0.6 for Black householders, 1.0 percent for Other Race householders, and 0.8 for Hispanic householders.

5Hispanics may be of any race.

The homeownership rate for households with incomes less than the median family income in the first quarter of 1998 was 50.2 percent, compared with 80.7 percent for households with incomes greater than or equal to the median family income. The rate for households with incomes greater than or equal to the median family income was significantly higher than the rate 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 income7
1998

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

1997



65.9



80.7



50.2

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 7.7 percent is 0.2 percentage points. Consequently, the 90-percent confidence interval as shown by these data is from 7.4 to 8.0; i.e., the interval 7.7 + (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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Source: U.S. Census Bureau | Housing Vacancies and Homeownership (CPS/HVS) |  Last Revised: 2012-09-25T15:41:49.036-04:00