U.S. Homeownership Reaches Record 66 Percent Strong Economy, Fiscal Policies Contribute To Improvement

The nation’s homeownership rate reached a record 66 percent during the third quarter, due in large part to the strong economy, the Clinton administration said Thursday.

Vice President Al Gore said the new rate, up from 65.7 percent in the April-June quarter, broke the record of 65.8 percent set during the third quarter of 1980.

It means 66.7 million American families now own their own homes, also the highest ever, he said.

Gore told reporters and members of the National Partners in Homeownership at the Old Executive Building next to the White House that in addition to the economy, the administration’s housing strategy contributed to the growth.

Gore said homeownership grew by 5.8 million families since Clinton took office and now includes record numbers of blacks, Hispanics and female-headed households.

By region, the July-September quarter homeownership rate was 70.7 percent in the Midwest, 68.2 percent in the South, 63 percent in the Northeast and 59.8 percent in the West.

Acknowledging the economy was a major contributor to the increases, Gore said its growth resulted in part from the administration’s fiscal policies, investment priorities and overseas market openings.

But he also said the ownership environment was enhanced by actions developed by the National Partners in Homeownership to make buying a home more affordable, faster and easier. The partnership is part of Clinton’s homeownership strategy.

In another report Thursday, the Labor Department said the number of new claims for jobless benefits rose by a larger-than-expected 8,000 last week, to 315,000, the first time it topped the 310,000 level in six weeks.

Although it was the highest level since 325,000 at the end of August, analysts said any level below 320,000 reflects a tight labor market.

The four-week average of new weekly jobless claims also rose last week, up 2,250 to 306,500.