Housing Vacancies and Homeownership (CPS/HVS)

Third Quarter 1999

UNITED STATES DEPARTMENT OF COMMERCE

NEWS

WASHINGTON, D.C. 20230

Robert R. Callis For Release 10:00 AM EDT, October 28, 1999 Linda B. Cavanaugh CB99-199 (301) 763-3199

CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP

     National vacancy rates in the third quarter 1999 were 8.2 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 their corresponding rates in the third
quarter of 1998 or from the rates 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	7.8 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	1.8 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), 10.8 percent and lowest in the suburbs, 6.8
percent.  The rental vacancy rates in all areas were not significantly
different from the third quarter of 1998.

     For homeowner housing, the vacancy rate was highest outside MAs at
2.2 percent.  The homeowner vacancy rate in central citie, 1.7 percent,
was lower than the corresponding rate for the third 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 at
10.4 percent, and lowest in the Northeast and West, each at 6.3 percent.
None of the rental vacancy rates for the regions changed significantly
from those reported in the third quarter of 1998.

     The homeowner vacancy rates were highest in the South and West, at
1.8 percent and 1.7 percent respectively.  These rates did not differ
significantly from each other.  The homeowner vacancy rates in all of
the regions did not change significantly from the third quarter of 1998.

Table 2. Rental and Homeowner Vacancy Rates By Area:

Third Quarter 1999 and 1998 (in percent)

	Rental vacancy rates				Homeowner vacancy rates
Area	Third Quarter 1999	Third Quarter 1998	Standard error on 1999 rate	Standard error on differ- ence	Third Quarter 1999	Third 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..................	8.2 7.8 8.6 6.8 10.8 6.3 8.9 10.4 6.3	8.2 8.0 8.5 7.3 9.6 7.0 8.5 9.9 6.6	0.2 0.2 0.3 0.3 0.6 0.4 0.5 0.4 0.3	0.3 0.3 0.4 0.4 0.8 0.6 0.6 0.5 0.5	1.6 1.4 1.7 1.3 2.2 1.4 1.3 1.8 1.7	1.7 1.6 2.0 1.4 2.2 1.4 1.4 2.0 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 119.6 million housing units in the United States in the third quarter of 1999. Approximately 105.1 million housing units were occupied, 70.5 million by owners and 34.7 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 14.5 million vacant housing units, 11.0 million were for year-round use. Approximately 3.2 million of the year-round vacant units were for-rent, 1.1 million were for-sale-only, and the remaining 6.7 million were vacant for a variety of reasons.

Table 3. Estimates of the Total Housing Inventory for the United States:
Third Quarter 1999 and 1998
(Numbers in Thousands)

Type

Third
Quarter
1999

Third
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.....................

119,595

105,140
70,476
34,664

14,455
11,041
3,163
1,136
6,742

3,414

117,368

103,492
69,143
34,349

13,876
10,508
3,120
1,208
6,180

3,368

233

244
243
197

136
120
66
40
95

68

331

346
343
278

190
168
93
57
132

96

100

88
59
29

12
9
3
1
6

3

During the third quarter of 1999, the homeownership rate was 67.0 percent. The homeownership rate was not significantly different than the rate for the third quarter of 1998, but was higher 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	66.4 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.
^rRevised

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 third quarter homeownership rate was not significantly different than the third quarter of 1998, or 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 ^r65.7 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	66.8 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	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 third quarter of 1999 were highest in the Midwest at 72.1 percent and lowest in the West at 60.8 percent. None of the homeownership rates for the regions changed significantly from the respective third quarter 1998 rates. Only the homeownership rate for the Midwest increased significantly from the rate last quarter.

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

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

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

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

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

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

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

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

67.0

66.6

66.7

66.4

66.8

66.0

65.9

63.6

62.8

62.7

62.0

63.4

62.7

62.4

72.1

71.2

71.5

71.7

70.3

70.6

69.3

68.9

69.2

69.0

68.8

68.4

68.2

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 40.1 percent for householders less than 35 years old to 80.8 percent for householders 65 years and over in the third quarter of 1999. The rate for householders age 65 years and over was higher than the third quarter 1998 rate.

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
Third Quarter........

Second Quarter........

First Quarter.........

1998
Fourth Quarter......

Third Quarter........

Second Quarter.....

First Quarter.........

67.0

66.6

66.7

66.4

66.8

66.0

65.9

40.1

39.1

39.4

39.6

39.5

39.3

39.0

67.4

66.5

67.0

67.6

67.8

66.2

65.9

76.3

76.4

76.2

74.9

76.3

75.5

75.9

80.7

80.8

81.1

81.7

81.1

80.4

80.3

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 73.5 percent for White non-Hispanic householders to 45.5 percent for Hispanic householders. None of the homeownership rates for racial categories of householders changed significantly from their corresponding third quarter 1998 rates.

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

Hispanic⁷,
total

1999
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..........

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

70.7

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

73.5

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

46.6

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

54.5

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 third quarter of 1999 was 51.4 percent, while the rate for households with incomes greater than or equal to the median family income was 81.7 percent. Neither rate was significantly different than the corresponding third quarter 1998 rate.

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

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

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

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

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

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

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

67.0

66.6

66.7

66.4

66.8

66.0

65.9

81.7

81.5

81.1

80.7

81.6

80.7

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 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 percent; 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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Third Quarter 1999