The Census Bureau’s Housing Vacancy Survey tracks the homeownership and vacancy rates for owner-occupied and rental housing across the country. . .
Since they began tracking this data in 1965, the results have shown a steady rise in the number of Americans who own their own home. From an early low of 62.9 percent, the homeownership rate climbed to a high of 65.8 percent in the 1980s before settling into a roughly 10-year period where it hovered around 64 percent. Then, in the mid-1990s, homeownership levels began to rise again, setting a new high in 2004 at 69.2 percent.
Since falling during the financial crisis and recent recession, the homeownership rate has, once again, settled. The latest data shows the rate has plateaued at 65 percent and has remained virtually the same since the 2nd quarter of 2013. If the homeownership rate stays at 65 percent, it would be higher than the historical norm but still below the highs of the housing bubble.
And bubbles are bad for those buyers looking for a great deal on a primary residence, land or vacation home. Bubbles mean inflated prices and lots of craziness in the market. Our Taos market feels very steady right now; prices have bottomed for the moment, but haven’t spiked as they do in a bubble market.
This means, if interest rates stay calm, that this spring could be the best time to buy your home, land or condo in the Taos area. Remember, Taos is one of the best small towns in the country for retirement.