The U.S. homeownership rate ticked up in the fourth quarter to 63.8 percent, its highest reading of 2015, the U.S. Census Bureau said Thursday.
The change bucks the conventional wisdom that the homeownership rate could plunge as Americans choose to rent rather than buy.
The trends varied widely by age group. Among seniors, the homeownership rate rose to 79.3 percent, up from 78.6 percent the previous quarter. The biggest jump came among 35- to 44-year-olds. Their homeownership rate rose to 59.3 percent, up from 58.1 percent in the third quarter.
But only 34.7 percent of Americans under 35 owned homes, down from 35.8 percent in the third quarter.