Homeownership rates stay low, especially for younger Americans
Homeownership rates inched up slightly — but not meaningfully — in the third quarter of 2025, according to data from the U.S. Census Bureau’s Housing Vacancy Survey.
As mortgage rates remained high and inflation kept affordability top of mind, the third-quarter homeownership rate came in at 65.3%, up three-tenths of a percentage point from 65% in the second quarter. The figure is also steady compared with the year-earlier rate of 65.6% in the third quarter of 2024, but it’s well below the 2004 peak of 69.2% and the 25-year average of 66.3%.
Older U.S. residents had the highest homeownership rate in the third quarter, while younger residents had the lowest, the Census Bureau found. Individuals aged 65 and older had a 77.9% homeownership rate, and the figures declined from there:
- People between 55 and 64 years — 76%
- People between 45 and 54 years old — 70%
- People between 35 and 44 years old — 61.6%
- People younger than 35 — 37.5%
During the same period, the Census Bureau found that the total number of households in the United States rose from 132 million in the third quarter of 2024 to 133.1 million in the third quarter of 2025. Of that, 89.7% of housing units were occupied: While 58.6% of the nation’s housing stock was owner-occupied, 31.1% was renter-occupied.
Unemployment rates stayed steady in most states
Across most of the country in September, unemployment rates stayed “stable,” according to a Dec. 11 report from the U.S. Bureau of Labor Statistics. The report came out six weeks late, the agency said, a result of the federal government shutdown that began Oct. 1 and ended Nov. 12.
All told, unemployment rates, which focus on unemployed individuals seeking work, held steady in 40 states and rose in eight: Delaware, Maryland, New Jersey, New York and West Virginia had rates up by 0.2%, and Florida, Montana and Pennsylvania were up 0.1%. Unemployment fell in Hawaii by 0.2% and in Colorado by 0.1% as the national unemployment rate held at 4.4%, up three-tenths of a percentage point from a year earlier.
While South Dakota had the nation’s lowest unemployment rate at 2% in September, Washington, D.C., and California had the highest unemployment rates at 6.2% and 5.6%, respectively. Twenty-two states had unemployment rates lower than the U.S. average of 4.4%, and 25 states were about on par with the national rate.
Fed board confirms majority of regional presidents
The Federal Reserve’s board of governors voted unanimously to reappoint 11 reserve bank presidents to new five-year terms starting March 1, 2026.
The reappointments follow "a comprehensive review by the boards of directors of the regional Reserve Banks, and the unanimous concurrence of Federal Reserve Board members," the Fed announced the reappointments.
The presidents of the Fed’s regional reserve banks are selected by their respective boards of directors, typically composed of business and nonprofit leaders, but those appointments require confirmation by the Washington-based governors. All 12 presidents come up for reappointment simultaneously every five years.
Atlanta Fed president Raphael Bostic will not be returning. Last month, he said he will retire when his term expires at the end of February.
It’s worth noting that a Fed president can generally serve until the age of 65 or for 10 years, whichever is longer.
All 12 reserve banks presidents participate in the Federal Open Market Committee meetings, where the interest rate is set. Remember, the seven Washington-based governors plus the New York Fed president are permanent voters on the 12-person committee, while the 11 other presidents fill the remaining four seats on a rotating basis.