The homeownership rate declined to 65.1% in the first quarter of 2024, the lowest level since the first quarter of 2020, according to the Census’s Housing Vacancy Survey (HVS). Amid elevated mortgage interest rates and tight housing supply, housing affordability is at a multidecade low. Compared to the peak of 69.2% in 2004, the homeownership rate is 4.1 percentage points lower and remains below the 25-year average rate of 66.3%. Homeownership rates declined across nearly all age groups over the past year, except those aged 65 and older. Among younger households, the homeownership rate for those under 35 rose slightly to 36.6% in the first quarter of 2024. However, it is still hovering at the lowest rate in the last 6 years. This age group, particularly sensitive to mortgage rates and the inventory of entry-level homes, saw the largest decline among all age categories.