Fact Check 7: Home ownership dropped to a 50-year low under Obama, but grew 7.9% under Trump

This fact should be common knowledge, 24 days away from the election, but it isn't. Why?

Preface: See 2024 Fact Check: Introduction and link-list

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Sources

Federal Reserve Bank of St. Louis, citing US Census Bureau data: “Homeownership Rate in the United States”:

Trump’s Numbers, Preelection Update: What the statistics tell us about the president’s time in office, by Brooks Jackson, PoliitFact, October 14, 2020. Excerpt:

Homeownership — The percentage of Americans who own their homes has continued to recover under Trump.

The homeownership rate hit a record 69.2% of households for two quarters in 2004 before going into a yearslong slide and hitting bottom in the second quarter of 2016 at 62.9%. That was the lowest point in more than half a century, and tied for the lowest on record.

The rate recovered 0.8 points in the six months before Trump took office, and has gone up another 4.2 points since then, to 67.9% in the second quarter of 2020, the most recent Census Bureau figure available.

More

Business and Industry: Time Series / Trend Charts: Home Ownership, by U.S. Census Bureau.

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Previous 2024 Fact-Check infographic reports

• October 6: Fact Check 1: Did Trump’s policies destroy manufacturing jobs, reversing Obama’s “booming” economy?

• October 7: Fact Check 2: Electricity prices stayed the same under Trump, but skyrocketed under Biden-Harris

• October 8: Fact Check 3: Gasoline prices declined under Trump, but skyrocketed under Biden

• October 9: Fact Check 4: Diesel prices were stable under Trump, but skyrocketed under Biden

• October 10: Fact Check 5: Black home ownership rate declined under Obama, grew under Trump

• October 11: Fact Check 6: The Biden-Harris administration is the #1 cash enabler of the Iranian terrorist regime

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