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24 Unbelievable Home Ownership Statistics

By Blog

Home ownership rates have remained stagnant in the US over the past 12 months. 

Here’s why:

Tax laws, housing policies, changing economic situations, and investors’ activities play quite a role in the stagnant homeownership rate in the US. 

On the other hand:

Rental prices all across the USA have gone up substantially, but they’re still an affordable alternative. 

To find out the reasons for these issues, let’s look at some stats on homeownership in the USA 

Before digging deep into the core, let’s have a look at these fascinating home ownership statistics.

Remarkable USA Home Ownership Stats (Editor’s Choice)

  • Home ownership rate in the USA was 64.8% in January 2019.
  • The average mortgage debt in 2019 was around $202K.
  • With $418,555, Washington, DC, has the highest average mortgage debt among states in the US.
  • With $51,9576, San Jose-Sunnyvale-Santa Clara has the highest mortgage debt of any metro area.
  • According to African American home ownership statistics, the home ownership rate among that demographic is 42.7% 
  • The median home value in the US is $225,300
  • Millennials are owning houses at 8% less than gen x and baby boomers
  • The national vacancy rate for homeowner housing is 1.4%

2019 Home Ownership Rate Statistics

1. 87.8% of housing units in the USA were occupied.

(US Census Bureau)

9.4% of vacant houses were vacant all year long, and 2.8% were used seasonally.

As for the occupied houses, 56.9% were occupied by homeowners, and 30.9% were occupied by renters.

2. The difference between the monthly costs of homeowners with a mortgage and rent cost is $1,149.

(CNBC)

The discrepancy between the average cost of homeowners with a mortgage and the average rental cost is highest in New Jersey. Homeowners with a mortgage spend as much as $2,398 each month. According to these rental statistics, the average rental cost across the state is $1,249.

3. 59% of US housing markets have mortgage costs that make homeownership impractical. 

(PR Newswire)

This is one of the millennial home ownership statistics that go a long way toward explaining why millennials prefer renting a home to owning one.

That does not mean that rents are not increasing. In fact, they are rising faster than wages in 52% of markets. Prices are in turn rising faster than rents in 70% of markets, USA home prices statistics reveal. 

That is one more reason why millennials are unable to catch up with the home ownership rates of older generations.

4. The median asking sales price for vacant housing units in the US was $220,700 in 2019.

(US Census Bureau)

Compared to 2018, this number is low, but it is still way less than the highest median price of $230K.

5. The median asking rent for vacant units in the US is $1,002.

(US Census Bureau)

This was the figure for Q3 2019, and it’s the highest since the 1990s. Even at this considerable amount, experts still maintain it’s is cheaper to rent than to own houses in the US.

6. The benchmark 30-year fixed mortgage rate is 3.73 percent with an APR of 3.84%.

(Bankrate)

The average 15-year fixed 2019 mortgage rates were 3.17% with 3.37% APR. The 5/1 adjustable-rate mortgage (ARM) rate is 4.02% with 7.11% APR.

home ownership statistics - house

More Home Ownership Rate Statistics

7. The home ownership rate in the USA is 64.8%.

(US Census Bureau)

This was the highest figure for 2019, which was registered in Q3. It stood at 64.1% in Q2 and 64.2% in Q1. These figures are identical to the data in 2018, with only a minor difference of 0.1-0.4%.

8. The home ownership rate in the US decreased in the last decade from 67.2% in 2009 to 63.7% in 2016%.

(Statista)

In 2009, 67.2% of Americans owned their homes, which is 2.4% more than the 2019 figure. The rate consistently decreased over the last decade until it got to 63.7% in 2016. From there, it steadily increased to 64.8%

Home Ownership vs. Renting statistics

9. Rental vacancy rates in the US are 6.8%.

(US Census Bureau)

2019’s Q3 figure is down 0.3% from the corresponding one for Q3 2018. The bulk of these houses are found in the south. In contrast, very few are in the west.

10. The national home owner vacancy rate is 1.4% in 2019.

(US Census Bureau)

These numbers are only for the metropolitan areas. Outside metros, the vacancy rate increases to 1.7%

For comparison, 2018 homeownership stats show vacancy rates were around 1.6%. That is a decrease of 0.2% 

If you look at the geographical regions, the south has the highest rental vacancy rates, while the west has the least.

home ownership statistics - renting

USA Home Ownership Demographics

11. Millennials’ home ownership rate has increased by 1% since 2018.

(US Census Bureau)

At the end of 2018, the rate of homeownership for people under 35 in the US was 36.5%, according to home ownership statistics. At the end of the third quarter this year, the figure stood at 37.5%. Still, this figure is far below that of the senior population, which is between 75.1 and 78.9%. 

Job insecurity, stagnant wages, and the increased cost of living are among the top challenges to buy houses.

12. 78.9% home owners are 65 or above.

(US Census Bureau)

The fact that senior citizens own the most homes in the US should not come as one of the more surprising US housing market trends.

Nearly eight in ten people are 65 or older. This is the highest, followed closely by those between 55 and 64 years. The older generations in the US own more homes than the younger ones.

13. Home ownership rates among Non-Hispanic Americans are 73.4%.

(US Census Bureau)

Homeownership among Non-Hispanic Americans is the highest in the US at the close of Q3 2019. The figure was up by 0.3% from the same quarter in 2018. Home ownership among Non-Hispanic whites alone has risen in the last four years.

14. The home ownership rate among African-Americans is 42.7%.

(US Census Bureau)

According to the USA homeownership statistics by race, we saw the highest figure at the close of 2018 at 42.9%.  It then dipped to 40.6% in the second quarter of this year.

15. Home ownership rate among the families with income higher than or equal to the median family income is 78.7%.

(US Census Bureau)

This is totally expected. Families with higher incomes can afford to own houses. Now, this figure is not the highest we have seen, but it’s still higher than that for Q3 2018, which stood at 78.2%.

16. Home ownership rate among households with income less than the median family income is 50.9%.

(US Census Bureau)

The most recent home ownership statistics reveal Q3 saw the highest homeownership rate in the last four years among families of income lower than the median income. It’s higher than the 2018’s closing figure of 50.7%

home ownership statistics - family

Home Ownership by State

17. The Midwest has the highest home ownership rate (69%).

(US Census Bureau)

The south follows closely at 66.2%. The northwest is a little behind at 61.7%, while the west sits at the bottom of the pile at 60.6%. 

It’s important to note that all regions have higher figures than at the close of 2018.

18. Orlando Park, Illinois, has the highest homeownership rate in the US (90%).

(USA Today)

Illinois’s median family income is about $61,229. The city of Orlando Park has a much higher household income of $85,802. In case you’re wondering why, it’s because of its close proximity to Chicago, where its residents get higher-paying jobs. 

19. California has the highest average home value in the US ($509,400).

(24/7 Wall St)

California’s average mortgage debt is $347,652, while the average home value in the state is $509,400 – the second-highest in the US. The average household income in the state is $71,805 which is the eighth-highest in the country. Homeownership rate in the state is the second-lowest in the country at 54.8%. Homeowners with a mortgage in California is at 70.5%, the fourth-highest in the country.

20. Hawaii has the most expensive homes in the US.

(24/7 Wall St) 

Despite the very high median home value, the Aloha state still ranks twentieth on the list of states with the most homeowners that have a mortgage. The median home value in the state is $617,400, home ownership statistics reveal. The average household income in the state is the third-highest in the country at $77,765. The home ownership rate in the state is 58.5%, the fourth-lowest overall.

21. Maryland has the highest median household income in the US.

(24/7 Wall St)

The average household income in Maryland is $80,776. It is also the state with the highest number of home owners, with a mortgage at 72.9%. 

However, it’s far down on the list of home ownership rates despite the high family income rate. The figure is a 66.7% homeownership rate across the state. The average home value in Maryland is $312,500.

Homeownership Statistics by Countries

Now that we know the home ownership rate in the USA, let’s check out some stats for the rest of the world and see how they compare.

22. The home ownership rate in the UK is 65%.

(Trading Economics)

At the end of 2018, the homeownership rate for the United Kingdom was 65%. This is up slightly from 63.4% in 2017. Back then, the figure was at its lowest ever.

23. Romania has the highest number of homeowners in the world.

(Eurostat)

The figure stands at over 96%, and it’s the highest in the world. Europe generally has the highest homeownership rates in the world – between 56% and 96%.

24. Australia’s home ownership rate is 65%.

(ABC News)

According to an ABS report from 2017, this was the lowest since 1994. Also, the number of renters had gone up, USA non-homeowner statistics tell us. The figure for those with an uncleared mortgage is also at an all-time low of 30%. Even at these, homeownership Down Under is still significantly above that in the US.

home ownership statistics - mortgage

Conclusion

Homeownership is part of the American dream. Millennials, however, face an uphill battle. 

The thing is:

The cost of buying a house is higher than ever, and mortgages are hard to deal with. Some experts have attributed low ownership rates among millennials to the heavy burden of student loans. 

Bottom line: 

As the latest home ownership statistics make clear, many European countries are ahead of the US when it comes to having a place of your own.

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