US Homeownership Statistics for 2024

The homeownership rate in the United States is 66%, showing a generally steady trend over the past two decades. This marks a slight decline compared to 2020 when the annual average peaked at 67% amid heightened housing market activity driven by low mortgage rates during the pandemic.

Homeownership rates hit a high point during the mid-2000s housing boom, reaching an annual average high of 69% in 2004 and 2005. However, a consistent decline from 2008 led to homeownership rates plummeting as low as 63% in 2016.

Source: Census Bureau CPS/HVS

Homeownership rates vary significantly across the United States, reflecting regional economic conditions, housing affordability and demographic factors.

West Virginia has the highest homeownership rate at 77%, followed by Delaware and Maine with the second-highest rates, both at 76%. On the other hand, New York and California rank lowest for homeownership at 53% and 56%, respectively.

Source: Census Bureau CPS/HVS

In 2023, the homeownership rate for metro areas was 65%. Cape Coral-Fort Myers, Florida (79%), Toledo, Ohio (77%), and North Port-Bradenton-Sarasota, Florida (76%), ranked the highest in homeownership data. 

In metros like San Francisco and New York City, homeownership rates are below 56%, perhaps due to high property values and living costs, which pose challenges for prospective buyers.

Source: Census Bureau CPS/HVS

People aged 65 and older have the highest homeownership rates, peaking at 79%. Americans around 55 to 64 years old follow closely as the second-highest homeownership numbers at 76%.

Americans aged 35 to 44 and 45 to 54 have homeownership rates ranking above 60%. A significant drop in homeownership is found with people under 35 years old (37%), making it the only age group with rates below 50%.

Source: Census Bureau CPS/HVS

Between 2013 and 2016, homeownership rates for both men and women declined. The homeownership rate for men dropped from 49% in 2013 to 47% in 2016, while women's rates fell from 52% in 2013 to 50% in 2016. 

A steady increase in homeownership rates for both men and women started in 2017, with men reaching 47% and women reaching 50%. The rise in homeownership numbers peaked in 2020 when the rate for men was 51% and women homeowners rose to 53%.

From 2021 to 2023, women's homeownership rates consistently remained at 52%, while men had a rate of 49% in 2021 and a steady percentage of 50% for both 2022 and 2023.

Source: Census Bureau CPS/HVS

Married couples consistently maintain the highest homeownership rates, averaging 82% in 2020 and 83% in 2023. Single men and women exhibit significantly lower rates than married householders, remaining below 55%.

Single men have the lowest homeownership rates, hovering around 50% and showing only minor fluctuations. In 2023, the rate stood at 50%, slightly declining from 51% in 2020. Meanwhile, single households with women householders have consistently higher numbers than men, with rates remaining at 52% in 2022 and 2023.

Source: Census Bureau Housing Vacancies and Homeownership (CPS/HVS)

U.S. homeownership varies significantly by race and ethnicity, reflecting disparities influenced by historical, economic and systemic factors.

Non-Hispanic white individuals consistently exhibit the highest homeownership rates, peaking at 76% in the second quarter of 2020 during pandemic-driven housing booms. The most significant homeownership rate gap comes from Black households, with rates consistently below 50%. 

Homeownership for Hispanic households showed modest fluctuations, ranging from 48% (second quarter of 2021) to 51% (second quarter of 2020). Asian, Native Hawaiian and other Pacific Islander households account for 63% of homeownership rates.

Source: Census Bureau Housing Vacancies and Homeownership (CPS/HVS)

Households with annual incomes of less than $15,000 make up roughly 9% of the total number of owned homes. Individuals with an income level between $15,000 and $24,999 have a homeownership rate of 6%. A slight bump in the percentage of homeowners at 7% comes with Americans with an income between $25,000 and $34,999.

People with incomes between $35,000 and $49,999 contribute 10% of the total homeownership rate, whereas those in the $50,000 to $74,999 bracket make up 16%. Interestingly, Americans with incomes of $75,000 to $99,999 experience a drop in homeownership rate to 13%. 

The second-highest homeownership rate is found with people earning between $100,000 and $149,999 at 17%. Lastly, incomes of $150,000 and up contribute to the top percentage of homeowners at 21%.

Source: Census Bureau Housing Vacancies and Homeownership (CPS/HVS)

Dive deeper into related topics like rising home prices, mortgage options and first-time buyer programs to make informed decisions on your journey to owning a home. 

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