Dive Brief:

• The number of Americans who own their homes dropped to its lowest rate in 20 years, according to a Bloomberg analysis of Census Bureau data released on Thursday.

• In the fourth quarter of 2014, 64% of Americans were homeowners, down 1.2% from the final quarter of 2013, the Census Bureau reported.

• Approximately 87.4% of housing units were occupied in the fourth quarter. Among them, 55.9% were owner-occupied, and the rest were rentals, the report said.

Dive Insight:

Although the economy is improving, the tight inventory of affordable, entry-level homes as well as strict mortgage lending qualifications have kept many potential first-time buyers out of the market. In fact, the National Association of Realtors reported last week that fewer first-time buyers purchased homes in 2014 than at any other time in nearly three decades.

Most of those who are not buying homes are renting them instead, the Census report revealed. The vacancy rate for rental homes was just 7% in the fourth quarter.