The U.S. Census Bureau released their 2017 fourth quarter homeownership rate numbers. Many of you are familiar with the dismal 46.6% LA/OC homeownership rate for the third quarter of 2017. Thankfully, that number is up to 51.2% for the fourth quarter of 2017.
This is of course great news, but it does come with a word of caution. This number was at 50.1% in the first quarter of 2017, and it’s not unusual to see it spike during the slow season. And even though the homeownership rate is up, housing is still eating into an awful lot of that paycheck. Only 21% of Orange County residents can afford a median priced home.
A higher homeownership rate is cause for celebration for sure, but let’s not get carried away.