There is one rather large and serious problem with this statistic: it censors suppressed household formation. Because it is the tenure of households, there is n

There is one rather large and serious problem with this statistic: it censors suppressed household formation. Because it is the tenure of households, there is no consideration for the households that aren't being formed, for example because an adult still lives with their parents. That person is counted under "homeowner" which is deeply misleading. The worse the housing crisis gets, the better this statistic looks.