Buying a house can be quite stressful, especially if you’ve never done it before. Knowledge helps relieve that stress, so we come up with a list of Home Ownership Statistics and Facts for 2024 to give you a better picture of what you’re getting into. Let’s dive in and look at what homeownership looks like today.
Key Findings:
- The homeownership rate is 65.8% in 2022.
- 79% of people aged 65 and over are homeowners.
- More single women own houses than single men.
- West Virginia has the highest percentage of homeowners, 79%.
- 40,518,000 of the owner-occupied housing units have three bedrooms.
- Hawaii is the state with the highest average price for a house ($910,349).
- The average sale price of a house reached an all-time high in 2021, at $240,600.
The U.S. Homeownership Rate
The US homeownership rate reached 65.8% in 2022. The homeownership rate peaked in 2004, at 69.2%, but it dropped to the 63%-68% range during and after the 2008 recession. [1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership Rate by Country
Romania has the highest homeownership in the world, with 96% of the houses being occupied by the owner. The U.S. has a homeownership rate of 66%, similar to the rates found in France (65%), Australia (66%), and Canada (67%). Those rates might seem low compared to Romania or Slovakia (92%). Many ex-communist countries have high homeownership rates because, after the fall of the communist regime, people bought the homes they lived in from the government at low prices.[2]
Who Are American Homeowners?
The following section offers details regarding age, gender, race, family income, marital status, and education level, as well as insights on homeownership by house type, state, and country.
Homeownership Rate by Age
79% of people aged 65 and over are homeowners, compared to only 39% of those under 35 years old.
The low number of young homeowners makes sense, as younger Americans are still working towards a steady and higher income and building their creditworthiness. Another important factor to be taken into consideration is that the average price of a house has increased considerably over the years.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership by Marital Status
In 2021, there were 48,425,000 married homeowners, while just 19,456,000 were single. It’s possible that the modest number of single owners is due to the fact that most people buy homes after getting married and saving up money for the purchase. Single people often prefer to rent. [1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Single Homeowners by Gender
More single women in the US own houses than single men. Data shows there were 11,222,000 single female-owned homes in 2021, and only 8,235,000 single male-owned homes.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership Rate by Race
The White community has the greatest homeownership rate, with 75% of them being homeowners. The Asian, Native Hawaiian and Pacific Islander community has the second highest rate of homeownership (61%), followed by the Hispanic community (48%) and the Black community (45%). The low rate reported by the Hispanic and Black communities may be a result of the community’s experience with various inequities, such as income gaps, lower credit scores, higher interest rates, and mortgage denials.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership by Family Income
79% of the people with a family income greater than or equal to the median family income own a home, whereas only 53% of those with a family income less than the median family income are homeowners.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership by Education Level
High school graduates are the heads of 33,267,000 households. Owners of 20,670,000 households have a bachelor’s degree, while 13,697,000 have a graduate or professional degree. The lowest number of owners has been recorded among those who did not complete high school, with only 1,957,000 of them owning a home. In order to offer you a better overview, we also added the number of adult population for each education level.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership by House Size/Type
Most owner-occupied homes have three bedrooms (40,518,000), followed by homes with four or more bedrooms (27,097,000). Small owner-occupied homes are less common: two-bedroom homes (13,043,000) and one-bedroom homes (1,809,000).[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Homeownership Rate by State
Data from the U.S. Census Bureau shows that West Virginia has the highest percentage of homeowners, reaching 79%. New York comes last with the lowest homeownership rate at 53.6%.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.
Average Home Price in the U.S.
The next section provides information on the average home price by state and an overview of the historical U.S. home prices as well as a comparison of homes available for sale from 1986 to today.
Average Home Price by State
Who wouldn’t want to move to Hawaii and live the tropical lifestyle life? Well, you might want to think twice before doing that as Hawaii is the state with the highest average price for a house ($910,349). The main reason for the high price tag is the land use and zoning regulations of the state and counties. The state with the lowest price is West Virginia ($114,640), which also has the highest homeownership rate among all states. The reason behind this might be the low levels of median income and the high levels of poverty, mostly caused by the decline of the coal and mineral industry. This also contributed to population decline as well as a higher rate of unemployment.[3][4][6]
Historical U.S. Home Prices
Average home prices have increased significantly from 1988 ($53,000) to the present ($240,600). The prices fluctuated a bit over the years, growing rapidly between 2000 to 2007, then decreasing from 2007 to 2012 ($135,400). Ever since 2012, household prices have been growing steadily, reaching an all-time high in 2021. House prices keep rising faster than wages, a challenge for young buyers entering the market.[1]✓
✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.[5]✓
✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury's financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.
How Many Homes Are Up for Sale in the U.S.?
The number of homes listed for sale has been continuously getting lower, from 1,236,254 active listings in 2016 to only 445,784 listings in 2021. However, the number of listings grew to 308,061 active listings in 2022. [7]✓
✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury's financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.
