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Renting and owning homes

It should not surprise anyone that the homeownership rate has declined nationwide in the most recent years after a large number of foreclosures. Many former homeowners must have moved into rental units, pushing down the rental vacancy rate, as seen in the graph. What is surprising is that the homeowner vacancy rate is actually declining as well. How could this happen? Was the housing stock significantly reduced? Did homeowners become renters of the same home? Has there been significantly more household creation? Anything else?

How this graph was created: Search for one of these series, then add the other. For the homeownership rate, check “right” for the Y-axis position.

Suggested by Christian Zimmermann

View on FRED, series used in this post: RHVRUSQ156N, RRVRUSQ156N, USHOWN

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