The Department of Commerce's Census Bureau has released a report on residential vacancies and home ownership which confirms that national vacancy rates in the first quarter of 1998 were 7.7 (+0.3) percent in rental housing and 1.7 (0.1) percent in home owner housing. The Census Bureau says the rental vacancy rate was not significantly different from the rate last quarter or from the rate in the first quarter of 1997. The home owner 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.

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 percent, while other regions remained relatively unchanged.

The home owner vacancy rate in the South was 2.1 percent, compared to 1.3 percent in the Midwest. The home owner 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 changed only slightly.

There was 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 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 were for year-round use. Approximately 3 million of the units 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.

During the first quarter of 1998, the home ownership rate was 65.9 (+0.3) percent. The home ownership rate showed a significant increase from the rate of 65.4 percent one year ago, but not from the rate last quarter (65.7 percent).

Home ownership rates in the first quarter of 1998 were highest in the Midwest (70.6 percent), and lowest in the West (60.1 percent). The home ownership 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.

Home ownership 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.

The home ownership 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 a year ago, while rates for blacks and other-race householders did not change significantly from one year ago.

Households with incomes less than the median family income had a home ownership rate of 50.2 percent in the first quarter of 1998, compared to 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.

Published: April 28, 1998

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Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.