The homeownership rate is the percentage of HOMES that are lived in by their owners, not the count of PEOPLE that own their own homes. Given a shortage of homes, the homeownership rate will not show you that there is a crisis.

For example, if you homeless you do not count. If you live with your parents even though you would prefer to rent if you could afford it, that is a home-owned household. If the owner lives in their home and they rent out a room, that's a home. If you used to rent with 4 people and now live with 8, that's a single rental. If you own and live in multiple homes, you count multiple times.

Without more analysis, you can not use this rate to come to any conclusions.