DALLAS-FORT WORTH - North Texas is among the major U.S. cities with the lowest percentage of homeowners, according to a new report by the Department of Commerce’s Census Bureau.
Only 56.3 percent of DFW residents were homeowners in fourth quarter 2014, compared to a nationwide homeownership rate of 64 percent.
DFW’s homeownership rate has fallen sharply since a peak of 65.2 percent in mid-2010, according to the Census Bureau.
DFW ranked as the eighth lowest homeownership market among the 75 major metro areas included in the census survey. Los Angeles had the lowest homeownership at 47.6 percent, and Richmond had the highest ratio of homeowners — 75.5 percent.
DFW also had the lowest homeownership of the Texas cities included in the census report.
The highest homeownership rate was in San Antonio with 71.3 percent.
North Texas has the fastest growing apartment market in the country with about 30,000 rental units under construction.
The DFW area also has one of the fastest growing populations, fueled by thousands of people moving to the area each year. Many of those new residents chose to be renters.
See the U.S. Census Bureau for the full report.