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Housing Vacancies and Homeownership (CPS/HVS)
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Fourth Quarter 1997
COMMERCE NEWS
WASHINGTON, D.C. 20230
Robert R. Callis For Release 10:00 AM EDT, January 21, 1998
Linda Cavanaugh CB98-05
(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 fourth quarter 1997 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 fourth quarter of 1996. The homeowner vacancy rate was higher than the rate last quarter, but not significantly different from the rate in the fourth 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 7.7 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
1.7 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 rates in central cities and outside Metropolitan Areas (MAs), 7.9 and 8.6 percent respectively, were higher than in the suburbs, 7.1 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. (The 2.0 percent and the 2.2 percent rates were not significantly different from each other.) The homeowner vacancy rate outside MAs was higher than the rate one year ago, while rates in the suburbs and central cities did not change significantly. Among regions, the rental vacancy rate was highest in the South at 9.3 percent. This rate was higher than one year ago. The rental vacancy rates in all other regions showed no significant change from one year ago. The homeowner vacancy rate was highest in the South at 2.1 percent. The homeowner vacancy rate in the South was higher than the rate one year ago, while rates in other regions did not change significantly.Table 2.Rental and Homeowner Vacancy Rates By Area: Fourth Quarter 1997 and 1996 (in percent)
| Rental vacancy rates | Homeowner vacancy rates | |||||||
|---|---|---|---|---|---|---|---|---|
|
Area |
Fourth Quarter 1997 | Fourth Quarter 1996 | Standard error on 1997 rate | Standard error on differ- ence | Fourth Quarter 1997 | Fourth Quarter 1996 | Standard error on 1997 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
7.9
7.1
8.6
6.9
7.3
9.3
6.5 |
7.7
7.6
8.3
6.8
8.3
7.1
8.2
8.5
6.7 |
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
1.6
1.3
2.1
1.7 |
1.7
1.7
2.1
1.5
1.7
1.8
1.4
1.8
1.9 |
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 115.9 million housing units in the United States in the fourth quarter of 1997. Approximately 102.6 million housing units were occupied, 67.4 million by owners and 35.2 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 13.3 million vacant housing units, 10.1 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 5.9 million were vacant for a variety of reasons. There was no significant change in the number of vacant units from the fourth quarter of 1996.
Table 3.Estimates of the Total Housing Inventory for the United States: Fourth Quarter 1997 and 1996
(Numbers in Thousands)
| Type | Fourth
Quarter 1997 |
Fourth
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..................... |
115,892
102,624 67,424 35,200
13,268 10,078 2,966 1,187 5,925
3,190 |
114,555
101,264 66,277 34,987
13,291 9,979 2,950 1,146 5,883
3,312 |
237
246 241 198
131 115 64 40 89
66 |
336
348 340 280
185 162 90 57 126
94 |
100
89 58 30
11 9 3 1 5
3 |
During the fourth quarter of 1997, the homeownership rate was 65.7 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 |
65.7
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 fourth quarter of 1997 were highest in the Midwest, 70.4 percent, and lowest in the West, 59.8 percent. The homeownership rate in the West was higher than the fourth quarter 1996 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 1997 (in percent)
|
Homeownership Rates2 | |||||
|---|---|---|---|---|---|
| Year/Quarter | United States | Northeast | Midwest | South | West |
| 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 38.7 percent for householders less than 35 years old to 80.3 percent for householders 55 to 64 years old in the fourth quarter of 1997. None of the age categories showed any 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
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 71.9 percent. The rate for Hispanic householders, 44.0 percent, was higher than the corresponding rate of 42.3 percent in the fourth quarter of 1996, while rates for White, White non-Hispanic, Black, and Other Race 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 | ||||||
| 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 fourth quarter of 1997 was 50.0 percent, compared with 80.5 percent for households with incomes greater than or equal to the median family income. Neither rate showed a significant change from one year ago.
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 | |||
| 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: https://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.
Source: U.S. Census Bureau
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