Posted by Tony Mariotti on Wednesday, August 23, 2023 at 1:30 PM By Tony Mariotti / August 23, 2023 Comment
Dive into another installment of RubyHome's real estate stats series about homeownership in the United States. Here you will find out just how common homeownership is, who is most likely to own their homes, and put the numbers into a historical context. Here is an overview of the topics we cover:
- What Percentage of People Own Their Homes?
- Homeownership Rates by State
- Homeownership Rates by Year
- Homeownership Demographics
Key Homeownership Stats
- According to the U.S. Census Bureau, 65.9% of American homes are owned by their occupants.
- New York (54.3%), California (55.3%), and Hawaii (61.3%) have the three lowest rates of homeownership among states.
- Homeownership rates are higher with older Americans. 79.1% of those over the age of 65 are homeowners, nearly double the ownership rate for those under 35.
- Over the past 58 years, the homeownership rate in the U.S. has stayed between 63%-69%.
What Percentage of People Own Their Homes?
- As of Q4 2022, 65.9% of American households own the home in which they live.
- Compared to international homeownership rates, the U.S. falls in the middle. Around the globe, homeownership rates between 60%-90% are quite common.
- Laos (95.9%) and Romania (95.3%) have some of the highest homeownership rates in the world.
- Hong Kong (22.1%), Nigeria (25%), and the United Arab Emirates (28%) have among the lowest homeownership rates in the world.
- What's more, American homeowners, live in their homes 13.2 years on average.
Homeownership Rates by State
New York (53.6%), California (54.6%), & Hawaii (58.3%) are the three states with the lowest rates of homeownership. Historically, these are three most expensive states, in terms of average home prices, in the U.S.
Here is a full table of homeownership rates by state:
| State | Homeownership Rate |
|---|---|
| Alabama | 74.0% |
| Alaska | 63.5% |
| Arizona | 70.7% |
| Arkansas | 64.1% |
| California | 55.3% |
| Colorado | 70.2% |
| Connecticut | 66.8% |
| Delaware | 79.1% |
| District of Columbia | 43.9% |
| Florida | 68.0% |
| Georgia | 64.9% |
| Hawaii | 61.3% |
| Idaho | 70.9% |
| Illinois | 67.9 |
| Indiana | 73.9% |
| Iowa | 74.8% |
| Kansas | 69.1% |
| Kentucky | 67.8% |
| Louisiana | 65.8% |
| Maine | 78.8% |
| Maryland | 70.9% |
| Massachusetts | 61.9% |
| Michigan | 74.0% |
| Minnesota | 73.8% |
| Mississippi | 75.3% |
| Missouri | 67.7% |
| Montana | 68.6% |
| Nebraska | 69.7% |
| Nevada | 60.4% |
| New Hampshire | 73.4% |
| New Jersey | 63.0% |
| New Mexico | 67.8% |
| New York | 54.3% |
| North Carolina | 69.3% |
| North Dakota | 63.4% |
| Ohio | 67.3% |
| Oklahoma | 67.0% |
| Oregon | 63.7% |
| Pennsylvania | 69.6% |
| Rhode Island | 65.1% |
| South Carolina | 73.5% |
| South Dakota | 69.5% |
| Tennessee | 67.4% |
| Texas | 63.3% |
| Utah | 71.4% |
| Vermont | 75.3% |
| Virginia | 69.9% |
| Washington | 66.1% |
| West Virginia | 74.7% |
| Wisconsin | 68.7% |
| Wyoming | 75.5% |
- The region of the U.S. with the most homeowners is the Midwest (70.1%).
- In the South, the homeownership rate is 67.3%.
- People are less likely to own their homes in the West (61.4%) and the Northeast (62.5%).
Homeownership Rates by Year
Since 1965, the homeownership rate reached its historical high point in 2006 (68.8%). The homeownership rate in the U.S., from 1965 to today, has stayed between 63%-69%.
Here’s a chart showing the average homeownership rate each year since 1965.
Homeownership Demographics
Age, ethnicity, and gender are all demographic factors with different rates of homeownership. Income is another factor covered in our report about the salary needed to buy a home in each state to buy a home..
Homeownership Rates by Age
People are much more likely to own their homes as they age. For instance, people 65 and older and almost 2X as likely to own their homes as someone under the age of 35. Here’s a homeownership breakdown by age group.
Homeownership Rates by Ethnicity
Non-Hispanic White households typically own their homes 74.4% of the time. Here’s a full breakdown of homeownership rates by ethnicity.
Homeownership Rates by Gender
As of 2021, 40% of never-married males own their homes. This is 6% higher than never-married females who own their homes 34% of the time.
In the case of divorced men and women, the numbers are close. Divorced men are likely to own their homes 63% of the time versus 62% for women.
Conclusion
Approximately 65.9% of American households have embraced property ownership, signifying its significance in achieving stability and the 'American Dream.'
Regional disparities are evident, with New York, California, and Hawaii have the lowest ownership rates at due to higher home pricse and higher costs of living.
Since 1965, the national homeownership rate bounced between 63% and 69%, underscoring the enduring appeal of property ownership amid evolving economic landscapes.
