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As more millennials become homeowners, seniors are becoming renters

High home prices aren’t stopping more Americans from becoming homeowners. But seniors are bucking that trend.

The homeownership rate nationwide was 64.8% in the fourth quarter of 2018, according to data released Thursday by the U.S. Census Bureau. That’s up from 64.4% in the third quarter and 64% a year earlier, making this the eighth straight quarter in which the homeownership rate increased. The rate is now at its highest level since 2014.

See also: Mortgage rates stay subdued as housing reform issues grab the spotlight

However, the homeownership rate for those 65 year and over actually dropped to 78.8% from 79.2% a year earlier, echoing other recent research that has pointed toward the trend of seniors shifting from owning to renting their abodes.

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