by Calculated Risk on 8/02/2022 10:26:00 AM
The Census Bureau released the Residential Vacancies and Homeownership report for Q2 2022.
The results of this survey were significantly distorted by the pandemic in 2020.
This survey might show the trend, but I wouldn’t rely on the absolute numbers. Analysts probably shouldn’t use the HVS to estimate the excess vacant supply or household formation, or rely on the homeownership rate, except as a guide to the trend.
homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the second
quarter 2021 (6.2 percent) and not statistically different from the rate in the first quarter 2022 (5.8 percent).
The homeowner vacancy rate of 0.8 percent was not statistically different from the rate in the second quarter
2021 (0.9 percent) and virtually the same as the rate in the first quarter 2022 (0.8 percent).
The homeownership rate of 65.8 percent was not statistically different from the rate in the second quarter
2021 (65.4 percent) and not statistically different from the rate in the first quarter 2022 (65.4 percent).
Click on graph for larger image.
The Red dots are the decennial Census homeownership rates for April 1st, 1990, 2000 and 2010. The Census Bureau will release data for 2020 soon.
The HVS homeowner vacancy was unchanged at 0.8% in Q2 from 0.8% in Q1.
Once again – this probably shows the general trend, but I wouldn’t rely on the absolute numbers.
The rental vacancy rate decreased to 5.6% in Q2 from 5.8% in Q1.
The HVS also has a series on asking rents. This surged following the early stages of the pandemic – like other measures – and is up 27% over the last two years. However, asking rents were only up 7% year-over-year in Q2 2022.
The quarterly HVS is the timeliest survey on households, but there are many questions about the accuracy of this survey.