WASHINGTON–As the rate of homeownership by Americans continues to decline, from a peak of 73% in 2007 to 63% today, a new Gallup Poll offers insights into the trend line.
Among the findings: there is one exception to the declining rate of homeownership, and that’s among seniors. The Gallup Poll found the percentage of seniors owning their own home has actually increased, to 82%. That could be due to a number of factors, including selling homes that have appreciated and then downsizing into something smaller for which they could pay cash, or support from some government programs.
The new Gallup Poll also found the percentage of older Americans with low incomes below $30,000 a year has declined in recent years to 33% today, down from 46% in 2009.
Among the other Gallup findings:
- Low- and middle-income people, young people and those living in the West have seen above-average drops in ownership. Even among those with incomes over $100,000, homeownership rates have dropped, now below 90%.
- Homeownership among those in the age group 18 to 29 dropped from 36% to 26%, those aged 30 to 49 down from 73% to 63%, those 50 to 64 down from 84% to 77%.