That’s what the Census Bureau information for the primary quarter of 2023 confirmed, in a report utterly ignored by the media. Whereas NPR was telling us that the homeownership price reported within the 2020 Census hit its lowest degree in half a century (this was the highest of the hour information abstract, no hyperlink), the information the Census Bureau places out quarterly inform the other story.

Homeownership charges have been rising all through the pandemic and the restoration, hitting ranges not seen for the reason that collapse of the housing bubble. The homeownership price for households with lower than the median revenue hit 53.4 p.c within the first quarter of 2023. That’s up from 51.4 p.c within the fourth quarter of 2019, and the very best at any level since 1994 when the collection begins. For some purpose, it doesn’t appear the media suppose a report excessive homeownership price for moderate-income folks is newsworthy.

There’s a comparable story for homeownership charges for Blacks, which rose to 45.8 p.c within the first quarter, in comparison with 44.0 p.c earlier than the pandemic. For Hispanics, the homeownership price within the first quarter stood at 49.7 p.c, up from 48.1 p.c within the fourth quarter of 2019. The homeownership price for folks beneath age 35 was 39.3 p.c within the first quarter, a 1.7 share level enhance from 37.6 p.c pre-pandemic price.

The quarterly information are erratic, and this image might change with excessive present mortgage charges, which might go greater with extra price hikes from the Fed. However the level right here is that there’s a actually good story on homeownership that the media just isn’t solely ignoring, it’s telling folks the other. I might be tempted to say “FAKE NEWS!,” however I can’t afford the royalty funds to Donald Trump.

This primary appeared on Dean Baker’s Beat the Press weblog.