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HOMEOWNER DATA AND STATISTICS 2023

Home Ownership
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On This Page

 * Key homeowner data 2023
 * U.S. homeownership rates by state
 * Quarterly homeownership rates by percentage
 * The 10 states with the highest homeownership rates
 * The 10 states with the lowest homeownership rates
 * Average age of homeowners
 * Homeowner rates by race and ethnicity
 * Homeowner rates by gender

On This Page Jump to Menu List
Tony Anderson/ Getty Images; Illustration by Austin Courregé/Bankrate
6 min read Published July 24, 2023
EditCite us

Written by
Mia Taylor
Written by Mia TaylorArrow Right Contributing Writer
Mia Taylor is a contributor to Bankrate and an award-winning journalist who has
two decades of experience and worked as a staff reporter or contributor for some
of the nation's leading newspapers and websites including The Atlanta
Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and
Credit.com.
Mia Taylor

Edited by
Troy Segal
Edited by Troy SegalArrow Right Senior editor, Home Lending
Troy Segal is a senior editor for Bankrate. She edits stories about
Homeownership in addition to stories about the finer points of mortgages and
home equity loans.
 * Connect with Troy Segal on Twitter Twitter
 * Get in contact with Troy Segal via Email Email

Troy Segal
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Amid dogged inflation, as Americans grapple with the steep cost of, well,
everything, homeownership has become an elusive goal to achieve. It peaked in
2005 when well over two-thirds of American housing units were “owner-occupied”
(as U.S. Census Bureau lingo puts it). This homeownership rate then began to
sink, down to 63.1 percent in 2020 — its lowest level in five decades. It has
budged only slightly since then.

It’s not hard to see why. Between the first quarter of 2021 and the first
quarter of 2022, housing prices increased 18.7 percent, according to the Federal
Housing Finance Agency Price Index. While the appreciation pace has slowed
somewhat — prices climbed 4.3 percent between Q1 2022 and Q2 2023 — it’s still
headed upward. In fact, at $410,200 (as of June 2023), the median existing-home
sales price is the second-highest price ever recorded since January 1999, when
the National Association of Realtors (NAR) began tracking the data.

Rising mortgage interest rates haven’t helped either, jumping from around 3
percent during the pandemic to around 7 percent currently. Homebuyers on a
$3,000 monthly mortgage payment budget have lost $30,000 in purchasing power
since February 2023 alone. In other words, they can afford to purchase a
$450,000 home in July, compared to one priced at $480,000 five months ago, and a
$510,000 one a year ago.


Mortgage
High inflation is the No. 1 reason that Americans across regions, age, race and
income aren’t feeling financially secure, according to Bankrate’s Financial
Freedom Survey. Housing is a key component in inflation. The shelter category,
which includes housing costs, consistently has been the largest contributor to
the Consumer Price Index’s monthly all-items increase for the past several
months.

Given such market realities, it’s small wonder that 73 percent of aspiring
homeowners cite affordability as their primary obstacle to their aspiration, a
March Bankrate survey found. And 1 in 4 Americans (25 percent) say the lack of
housing affordability and having to rent (rather than own) makes them feel
financially insecure, according to Bankrate’s recent Financial Freedom survey.

Like many other aspects of the U.S. economy, however, the housing market
constantly fluctuates, based on buyer demand, mortgage interest rates,
inflation, amount of available inventory, and other dynamics. Let’s look at the
key facts and statistics to better inform current and future homeowners.


KEY HOMEOWNER DATA 2023

Mortgage
 * The homeownership rate in the U.S. as of the first quarter of 2023 is 66%.
 * The number of U. S. households increased by just 10.1 million from 2010 to
   2020, fewer than in any other decade between 1950 and 2010.
 * The homeownership rate among young adults (25-to-34-year-olds) has declined
   from 45% in 1990 to 41.6% as of 2021.
 * The number of first-time homebuyers declined to just 26% in 2022, which is
   the lowest level since the National Association of Realtors began tracking
   data. That figure also represents a significant drop from 34% one year
   earlier.
 * The typical recently purchased home is 1,800 square feet with three bedrooms
   and two bathrooms, and dates from 1986.
 * 22% of recent homebuyers are veterans and 1% are active-duty service members.
 * A majority of buyers purchased their homes for 100% of the asking price,
   while 28% purchased for more than the asking price.


U.S. HOMEOWNERSHIP RATES BY STATE

The map below showcases homeownership rates by percentage for each state, based
on the latest data from the U.S. Census Bureau.

Expand EXPAND


QUARTERLY HOMEOWNERSHIP RATES BY POPULATION PERCENTAGE

Typically, there is incremental movement in homeownership statistics over time.
However, homeownership rates are subject to volatility during major economic
events. For example, after peaking at 69 percent in 2004, the Great Recession
(2007-09) led to homeownership rates declining, falling to just 63.4 percent by
2016. As homeownership began to slowly recover, the rate peaked again at 67.9
percent in the second quarter of 2020 before falling to 65.5 percent at the end
of 2021, most likely due to the pandemic. Throughout 2022, the homeownership
rate has remained within the same statistical range. As of the first quarter of
2023, the rate of U. S. homeownership is at 66 percent.

The table below showcases the quarterly homeownership rate for the past three
years.

Year First quarter rate Second quarter rate Third quarter rate Fourth quarter
rate SOURCE: U.S. Census Bureau, Current Population Survey/Housing Vacancy
Survey, March 15, 2023 2022 65.4% 65.8% 66% 65.9% 2021 65.6% 65.4% 65.4% 65.5%
2020 65.3% 67.9% 67.4% 65.8%


INSIGHTS

 * The homeownership rate in the U.S. was at 65.9% during the fourth quarter of
   2022 and was not statistically different from the fourth quarter of 2021
   (65.5%) or the third quarter of 2021 (65.4%).
 * National vacancy rates in the first quarter of 2023 were 6.4% for rental
   housing and 0.8% for homeowner housing.
 * The national rental vacancy rate during the first quarter of 2023 was higher
   than during the first quarter of 2022 (5.8%) and higher than in the fourth
   quarter of 2022 (5.8%).


THE 10 STATES WITH THE HIGHEST HOMEOWNERSHIP RATES

Below are the top 10 states, ranked by the percentage of their populations who
are homeowners, as of year-end 2022.

West Virginia 78.6% Wyoming 75.3% Minnesota 75.1% Delaware 74.9% Maine 74.9%
South Carolina 74.7% New Hampshire 74.6% Michigan 74% Iowa 73.8% Mississippi
73.1%


THE 10 STATES WITH THE LOWEST HOMEOWNERSHIP RATES

Below are the bottom 10 states, ranked by the percentage of their populations
who are homeowners, as of year-end 2022.



Connecticut 64.8% Georgia 64.7% New Jersey 64.2% Texas 63.6% Massachusetts 61.2%
Nevada 60.3% Hawaii 59.2% California 55.3% New York 53.9% District of Columbia
42.3%


AVERAGE AGE OF HOMEOWNERS

A home purchase continues to be one of the largest investments many Americans
will make in their lifetime. The graph below showcases homeownership statistics
by age, highlighting that for many people, the homeownership journey begins
before age 35 and expands over time, with the largest group of homeowners being
over age 65.





INSIGHTS

 * The typical first-time homebuyer was 36 years old in 2022, according to NAR,
   while the typical repeat-buyer age rose to a record high of 59 years old.
 * 14% of homebuyers purchased a multi-generational home with considerations for
   caring for aging parents, young adult children moving back home and
   cost-saving.
 * Fourth quarter 2022 homeownership rates were highest for homeowners aged 65
   years and over (79.%) and lowest for homeowners under 35 years of age
   (38.7%).
 * 56% of millennial homeowners have some regrets about purchasing their homes,
   with maintenance and hidden costs being the biggest culprits.
 * 24% of Gen Z and 11% of millennials say they are living rent-free, meaning
   they live with their parents or other friends and family.


HOMEOWNER RATES BY RACE AND ETHNICITY

Homeownership statistics by race show that White households have the highest
rates of homeownership. The homeownership rate for Asian homeowners is the
second highest at 61 percent followed by Hispanic homeowners at more than 48
percent, according to 2022 Census data. For Black homeowners, the rate remains
lower at just 45 percent.



INSIGHTS

 * According to the Population Reference Bureau, White householders have
   historically had the highest rates of homeownership.
 * According to the NAR, minority groups still face a gap in homeownership rates
   compared to their White counterparts in 2022.
 * The 2022 homeownership rate for Black Americans is 45%, which is
   significantly less than White Americans at nearly 75%.
 * NAR reports Asian and Hispanic Americans are experiencing the highest
   homeownership rates in a decade.


HOMEOWNER RATES BY GENDER

Despite often having a lower household income, women consistently make up the
second largest group of homeowners, behind married couples — and have done ever
since the National Association of Realtors (NAR) started keeping track in 1981.

When the NAR first began collecting data 43 years ago, 73 percent of home buyers
were married couples and 11 percent were single women, while 10% were single
men. Fast forward to 2022 and single women continue to be a force to be reckoned
with: 61 percent of home buyers are married couples and 17% are single women,
while 9 percent are single men. Single women homebuyers hit a peak in 2006, when
they accounted for 22 percent of those making purchases.

While women continue to buy homes in significant numbers they often face
financial challenges or stress. The realities of the continued gender wage gap
mean that women typically come to the table with a smaller down payment than
their male counterparts, which requires taking out a larger mortgage. This in
turn results in women starting out with less equity in their homes than men.


SHARE:
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Written by Mia TaylorArrow Right Contributing Writer
Read more from Mia
Mia Taylor is a contributor to Bankrate and an award-winning journalist who has
two decades of experience and worked as a staff reporter or contributor for some
of the nation's leading newspapers and websites including The Atlanta
Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and
Credit.com.
Edited by
Troy Segal
Edited by Troy SegalArrow Right Senior editor, Home Lending
Troy Segal is a senior editor for Bankrate. She edits stories about
Homeownership in addition to stories about the finer points of mortgages and
home equity loans.
 * Connect with Troy Segal on Twitter Twitter
 * Get in contact with Troy Segal via Email Email

Troy Segal
Senior editor, Home Lending


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On This Page

 * Key homeowner data 2023
 * U.S. homeownership rates by state
 * Quarterly homeownership rates by percentage
 * The 10 states with the highest homeownership rates
 * The 10 states with the lowest homeownership rates
 * Average age of homeowners
 * Homeowner rates by race and ethnicity
 * Homeowner rates by gender

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