Excerpt from the 3Q19 Witten Advisory: The above chart updates us on the homeownership rate, which edged slightly lower in 2Q19 to 64.2%, seasonally adjusted. That’s a smaller drop than in 1Q, and we’d expect Q3 to reverse to a small increase in homeownership as the benefit of low mortgage rates works through the markets. The data for younger households in the two lower lines is volatile (it’s not seasonally adjusted). That said, young Millennials under 35 and older Millennials 35-44 are both trending toward ownership, albeit from low levels and not back to the mid-2000s by any means, but a gradual uptrend nonetheless. Even with more Millennial owners, apartment demand has been strong.