In 2016, the homeownership rate hit 63.4%, its lowest level since 1966, according to CoreLogic's Frank Nothaft:
Demographics have been another cause of the dip in homeownership as the large millennial cohort has formed households and entered the rental market. But this age-related drag on aggregate homeownership may be largely behind us as an increasing number of millennial households enter their 30s, the typical age of first-time ownership.
But there will still be some drags on the homeownership rate, Nothaft adds:
... minority-headed households are projected to account for nearly three-fourths of net new households formed over the next decade, and these households have historically had lower homeownership rates.