Homeownership can feel like the ultimate American milestone, but in Q4 2023 65.9% of owner-occupied households were mortgage-free while the 34.1% still carrying balances averaged $202,700 (median $142,000) and faced a 9.2% mortgage debt service ratio, even as the overall homeownership rate hovered around 65.4% to 65.7% and the U.S. household real-estate debt topped $11.85 trillion.
Key Takeaways
- In Q4 2023, 65.9% of owner-occupied households reported being mortgage-free (no mortgage) in the U.S.
- In Q4 2023, 34.1% of owner-occupied households in the U.S. had a mortgage balance (i.e., not mortgage-free)
- In Q4 2023, the average mortgage balance among mortgagor households in the U.S. was $202,700
- The U.S. homeownership rate was 65.7% in Q1 2024
- The U.S. homeownership rate was 65.4% in Q4 2023
- The U.S. homeownership rate was 65.3% in Q3 2023
- In 2022, the vacancy rate for homeowner units was 1.0%
- In 2022, the vacancy rate for rental units was 6.6%
- In Q4 2023, the median value of owner-occupied homes in the U.S. was $344,400
- In 2023, the share of homeowners spending >= 30% of income on housing was 31.7%
- In 2023, the share of homeowners spending >= 35% of income on housing was 15.1%
- In 2023, the median annual housing cost for homeowners with mortgages was $21,600
- In 2023, the median household net worth of homeowners was $255,000
- In 2022, the median household net worth of homeowners was $263,000
- In the 2022 Survey of Consumer Finances, median home value among homeowners was $310,000
U.S. homeownership is stable at 65%, with mortgage costs rising.
Mortgage & Debt Status
1In Q4 2023, 65.9% of owner-occupied households reported being mortgage-free (no mortgage) in the U.S.[1]
Verified2In Q4 2023, 34.1% of owner-occupied households in the U.S. had a mortgage balance (i.e., not mortgage-free)[1]
Verified3In Q4 2023, the average mortgage balance among mortgagor households in the U.S. was $202,700[1]
Verified4In Q4 2023, the median mortgage balance among mortgagor households in the U.S. was $142,000[1]
Directional5In Q4 2023, the median mortgage monthly payment among mortgagor households in the U.S. was $1,450[1]
Single source6In Q4 2023, total household debt secured by real estate in the U.S. was $11.85 trillion[1]
Verified7As of Q4 2023, household debt service payments for mortgage debt were $1.02 trillion (annualized)[2]
Verified8In Q4 2023, the household debt service ratio for mortgages (mortgage interest and principal) was 9.2%[3]
Verified9In Q4 2023, the household debt service ratio (all household debt) was 13.9%[3]
Directional10In Q4 2023, the share of mortgage debt held by households with debt balances above $250,000 was 31%[1]
Single source11In Q4 2023, 5.2% of mortgage debt was 90+ days delinquent (90+ delinquency rate)[3]
Verified12In Q4 2023, the foreclosure starts rate was 0.16% (quarterly)[4]
Verified13In 2023 (annual), 1.1% of mortgagors entered foreclosure in the U.S.[5]
Verified14The U.S. 30-year fixed mortgage rate averaged 6.67% in 2023[6]
Directional15The U.S. 30-year fixed mortgage rate averaged 5.84% in 2022[7]
Single source16The U.S. 30-year fixed mortgage rate averaged 3.68% in 2021[8]
Verified17In March 2024, the U.S. 30-year fixed mortgage rate was 6.95%[9]
Verified18In September 2020, the U.S. 30-year fixed mortgage rate was 2.86%[10]
Verified19The average interest rate on newly originated 30-year fixed-rate mortgages in the U.S. was 6.65% in 2023[11]
Directional20The average interest rate on newly originated 15-year fixed-rate mortgages in the U.S. was 6.00% in 2023[12]
Single source21In 2023, 89.1% of newly issued mortgages had LTV <= 80%[13]
Verified22In 2023, 2.5% of newly issued mortgages had LTV > 95%[13]
Verified23In 2023, the share of conventional mortgages with points/fees was 16.7%[14]
Verified24In Q3 2023, 3.6% of loans in mortgage servicing were in some stage of delinquency (30+ days)[15]
Directional25In Q3 2023, 1.4% of loans were 90+ days delinquent[15]
Single source26In 2023, the number of new mortgage originations in the U.S. was 9.6 million[16]
Verified27In 2023, mortgage credit availability tightened: purchase loan rejection rates were 22%[17]
Verified28As of Q1 2024, the average FHA mortgage insurance premium for borrowers with typical coverage was 0.55%[18]
Verified29As of 2024, FHA annual MIP is 0.55% for base loans with LTV <= 95% and term > 30 years (as described in HUD MIP table)[19]
Directional30In 2023, VA funding fees ranged from 2.15% to 3.3% depending on down payment and prior use (for regular military loans)[20]
Single source31In 2023, the FHA share of total mortgage originations was 13%[21]
Verified32In 2023, the share of total mortgage originations that were VA loans was 9%[21]
Verified33In 2023, the share of total mortgage originations that were conventional loans was 78%[21]
Verified34In Q4 2023, the percentage of mortgages with negative equity was 0.2%[22]
Directional35In Q4 2023, the percentage of mortgages with LTV > 100% was 0.7%[23]
Single source36In 2023, homeowners with mortgages reported average remaining loan term of 24 years[1]
Verified37In 2023, the average home equity of mortgagors in the U.S. was $185,000[24]
Verified38In Q4 2023, median home equity among mortgagors was $120,000[24]
Verified39In Q4 2023, the Homeowner Equity over Market Value ratio among mortgagors was 39%[24]
Directional40In Q4 2023, the share of mortgage holders with equity over 20% was 83%[24]
Single source41In Q4 2023, the share of mortgage holders with equity less than 5% was 2.1%[24]
VerifiedMortgage & Debt Status Interpretation
In Q4 2023, most U.S. owner households were already mortgage free, but the remaining mortgagors carried an average balance of $202,700 with a median payment of $1,450, servicing costs were steady yet still sizable at a 9.2% mortgage debt service ratio, and while delinquency and foreclosure were relatively contained, the mortgage rate rollercoaster and tight credit made buying tougher and left more borrowers clustered in the “have equity” camp, where 83% had equity over 20% but only 2.1% were perilously close to the edge with under 5% equity.
Prevalence & Demographics
1The U.S. homeownership rate was 65.7% in Q1 2024[25]
Verified2The U.S. homeownership rate was 65.4% in Q4 2023[25]
Verified3The U.S. homeownership rate was 65.3% in Q3 2023[25]
Verified4The U.S. homeownership rate was 65.5% in Q2 2023[25]
Directional5The U.S. homeownership rate was 65.7% in Q1 2023[25]
Single source6The U.S. homeownership rate was 65.1% in Q4 2022[25]
Verified7In 2023, homeownership rate for White alone householders was 74.9%[26]
Verified8In 2023, homeownership rate for Black alone householders was 45.6%[26]
Verified9In 2023, homeownership rate for Hispanic householders was 49.7%[26]
Directional10In 2023, homeownership rate for Asian householders was 59.8%[26]
Single source11In 2023, homeownership rate for households headed by someone under 35 was 39.2%[26]
Verified12In 2023, homeownership rate for households headed by someone 35 to 44 was 60.3%[26]
Verified13In 2023, homeownership rate for households headed by someone 45 to 54 was 74.1%[26]
Verified14In 2023, homeownership rate for households headed by someone 55 to 64 was 80.0%[26]
Directional15In 2023, homeownership rate for households headed by someone 65 and over was 81.2%[26]
Single source16In 2023, homeownership rate for households in the bottom income quintile was 32.9%[26]
Verified17In 2023, homeownership rate for households in the middle income quintiles (3rd quintile) was 56.7%[26]
Verified18In 2023, homeownership rate for households in the top income quintile was 88.5%[26]
Verified19In 2023, homeownership rate for renter households in the U.S. was 34.3% (implied complement)[25]
Directional20In 2023, the number of owner-occupied housing units was 93.1 million in the U.S.[25]
Single source21In 2023, the number of renter-occupied housing units was 47.8 million in the U.S.[25]
Verified22In 2023, the U.S. had 140.9 million occupied housing units total[25]
Verified23In 2023, the owner-occupied share of occupied housing units was 66.1%[25]
Verified24In 2023, the renter-occupied share of occupied housing units was 33.9%[25]
Directional25In 2023, homeownership rate in the Northeast was 63.6%[26]
Single source26In 2023, homeownership rate in the Midwest was 71.0%[26]
Verified27In 2023, homeownership rate in the South was 65.7%[26]
Verified28In 2023, homeownership rate in the West was 58.0%[26]
Verified29In 2023, homeownership rate in urban areas was 66.0%[26]
Directional30In 2023, homeownership rate in rural areas was 72.2%[26]
Single source31In 2022, the homeownership rate for households where someone was divorced was 68.6%[26]
Verified32In 2022, the homeownership rate for households where someone was married was 76.6%[26]
Verified33In 2022, the homeownership rate for households where someone was widowed was 72.4%[26]
Verified34In 2022, the homeownership rate for households where someone was never married was 37.3%[26]
Directional35In 2022, homeownership rate for households with children under 18 was 66.7%[26]
Single source36In 2022, homeownership rate for households without children under 18 was 63.4%[26]
Verified37In 2022, homeownership rate for households with a bachelor’s degree or higher was 69.8%[26]
Verified38In 2022, homeownership rate for households with less than high school was 47.5%[26]
Verified39In 2022, homeownership rate for households with a high school diploma only was 60.2%[26]
Directional40In 2022, homeownership rate for households with some college/associate was 63.8%[26]
Single source41In the U.S., the homeownership rate was 66.0% for 2019 (ACS 1-year)[27]
Verified42In the U.S., the homeownership rate was 65.8% for 2020 (ACS 1-year)[27]
Verified43In the U.S., the homeownership rate was 65.8% for 2021 (ACS 1-year)[27]
Verified44In the U.S., the homeownership rate was 66.0% for 2022 (ACS 1-year)[27]
Directional45In the U.S., the homeownership rate was 65.7% for 2023 (ACS 1-year)[27]
Single source46In 2022, the homeownership rate for households headed by a person age 25-34 was 38.6%[26]
Verified47In 2022, the homeownership rate for households headed by a person age 35-44 was 61.0%[26]
Verified48In 2022, the homeownership rate for households headed by a person age 45-54 was 74.0%[26]
Verified49In 2022, the homeownership rate for households headed by a person age 55-64 was 80.1%[26]
Directional50In 2022, the homeownership rate for households headed by a person age 65 and over was 81.0%[26]
Single source51In 2022, homeownership rate among veterans was 71.6%[28]
Verified52In 2022, homeownership rate among nonveterans was 65.0%[28]
Verified53In 2022, homeownership rate among households with disability status was 58.3%[29]
Verified54In 2022, homeownership rate among households without disability status was 69.8%[29]
Directional55In 2022, homeownership rate among households headed by someone who worked in the past year was 67.0%[26]
Single source56In 2022, homeownership rate among households headed by someone unemployed was 52.4%[26]
Verified57In 2022, homeownership rate among households headed by someone in the labor force was 67.2%[26]
Verified58In 2022, homeownership rate among households headed by someone not in labor force was 61.4%[26]
Verified59In 2022, owner-occupied housing units accounted for 66.0% of occupied units nationally[25]
Directional60In 2022, renter-occupied housing units accounted for 34.0% of occupied units nationally[25]
Single sourcePrevalence & Demographics Interpretation
Despite a very mild dip and wobble in the overall U.S. homeownership rate around the mid 60s, the real story is how uneven the keys are, with many households locked out by age, income, race, and even whether you are headed by a renter, while regions and older, higher income groups—along with married, degree holders, and those outside “under 35” and “bottom quintile” brackets—consistently look like they got the better end of the housing lottery.
Housing Supply & Price Context
1In 2022, the vacancy rate for homeowner units was 1.0%[25]
Verified2In 2022, the vacancy rate for rental units was 6.6%[25]
Verified3In Q4 2023, the median value of owner-occupied homes in the U.S. was $344,400[30]
Verified4In Q4 2023, the median selected monthly owner costs (SMOC) were $1,615[31]
Directional5In Q4 2023, the median gross rent was $1,550[32]
Single source6In Q4 2023, the median gross rent as a share of home value was 0.55%[33]
Verified7The S&P/Case-Shiller U.S. Home Price Index increased 6.0% year-over-year as of December 2023[34]
Verified8The S&P/Case-Shiller U.S. Home Price Index was 305.4 in Dec 2023[34]
Verified9The Zillow Home Value Index (ZHVI) was $348,300 in April 2024[35]
Directional10The Zillow Home Value Index (ZHVI) was $329,900 in April 2023[35]
Single source11The CoreLogic Home Price Index (HPI) increased 5.5% year-over-year in January 2024[36]
Verified12The FHFA House Price Index (Purchase Only) was 318.7 in Q4 2023 (index, 2010=100)[37]
Verified13The FHFA House Price Index (Purchase Only) increased 4.2% year-over-year in Q4 2023[37]
Verified14The median sales price of existing homes in 2023 was $407,100[38]
Directional15The median sales price of existing homes in 2022 was $416,400[38]
Single source16The median sales price of existing homes in 2021 was $353,900[38]
Verified17The existing home inventory was 1.14 million units in March 2024[39]
Verified18The months’ supply of inventory for existing homes was 3.7 months in March 2024[38]
Verified19The Case-Shiller 20-city U.S. index (10-city vs 20-city) is used; 20-city composite was 305.4 in Dec 2023[34]
Directional20The Case-Shiller 10-city composite was 308.8 in Dec 2023[40]
Single source21The Federal Reserve Bank of St. Louis housing affordability index (HAI) was 141.2 in Q1 2024[41]
Verified22The FHFA house price growth slowed: the percent change in FHFA HPI from Q3 to Q4 2023 was 0.4%[37]
Verified23In 2023, the median new home sales price was $430,300[42]
Verified24In 2023, the median new home sales price increased by 5.5% year-over-year[42]
Directional25In 2023, new home sales were 664,000 units[43]
Single source26In 2023, housing starts were 1.63 million units[44]
Verified27In 2023, housing completions were 1.53 million units[45]
Verified28In March 2024, building permits (housing units) were 1.51 million (annual rate)[46]
Verified29In March 2024, housing starts were 1.37 million (annual rate)[44]
Directional30In 2023, the median listing price for homes sold was $386,400[47]
Single source31In 2023, Redfin reported the typical home price was $365,000[48]
Verified32In April 2024, Redfin reported the typical home price was $378,000[48]
Verified33In 2023, Zillow reported the ZHVI growth rate was 3.0% year-over-year (national)[49]
Verified34In Q4 2023, the rent-to-price ratio was 0.012 (1.2%)[50]
Directional35In Q4 2023, the price-to-income ratio (PIR) was 18.4[51]
Single source36In Q4 2023, the price-to-rent ratio (PTR) was 23.6[52]
VerifiedHousing Supply & Price Context Interpretation
In 2022 nearly everyone who could buy stayed put (1.0% owner vacancy versus 6.6% rental vacancy), and by late 2023 home values climbed 6% year over year even as monthly ownership costs hovered around $1,615 while rent lingered at about $1,550, leaving affordability indices (HAI 141.2 and PIR 18.4) to suggest that you could still qualify for a home, just not without paying for the privilege, and with vacancy low, inventory tight at 3.7 months, and prices stubbornly supported by steady though slowing growth, the market’s headline seems to be that housing remains expensive, but at least it is consistently expensive.
Housing Affordability & Cost
1In 2023, the share of homeowners spending >= 30% of income on housing was 31.7%[53]
Verified2In 2023, the share of homeowners spending >= 35% of income on housing was 15.1%[53]
Verified3In 2023, the median annual housing cost for homeowners with mortgages was $21,600[54]
Verified4In 2022, homeowners with mortgages reported that housing cost burden (>=30% income) was 29.8%[55]
Directional5In 2022, homeowners without mortgages had housing cost burden (>=30% income) of 20.1%[55]
Single source6The typical U.S. homebuyer’s monthly payment affordability (median mortgage payment as % of income) was 29% in 2023[56]
Verified7In 2023, ATTOM reported that median monthly mortgage payments were $2,560[57]
Verified8In Q1 2024, the typical mortgage payment for a median-priced home was $2,720[58]
Verified9Freddie Mac reported that in Q1 2024, housing affordability improved slightly to 65 (index)[59]
Directional10The U.S. housing affordability index (HAI) declined from 155.0 in Q4 2022 to 141.2 in Q1 2024[41]
Single source11In 2023, 52.3% of renters were cost-burdened (paying >=30% income) but only 31.7% of owners were similarly cost-burdened (>=30%)[60]
Verified12In 2023, 26.7% of renters were severely cost-burdened (>=50% income)[61]
Verified13In 2023, 15.1% of homeowners were severely cost-burdened (>=50% income)[61]
Verified14In 2023, 28% of potential first-time buyers believed affordability was the biggest obstacle[62]
Directional15In 2023, the median down payment for first-time buyers was 7%[63]
Single source16In 2023, first-time buyers had a median household income of $93,900[64]
Verified17In 2023, first-time buyers reported median housing cost of $2,000 per month[65]
Verified18In 2023, buyers with mortgages had a median credit score of 745[66]
Verified19In 2023, NAR reported that 63% of buyers said interest rates affected their decision[67]
Directional20In March 2024, the median mortgage rate for a 30-year fixed loan was 6.87%[68]
Single source21In 2023, Freddie Mac reported average mortgage rates of 6.58% for 30-year fixed loans[69]
Verified22In 2022, Freddie Mac reported average 30-year mortgage rates of 5.22%[69]
Verified23In 2021, Freddie Mac reported average 30-year mortgage rates of 2.96%[69]
Verified24The U.S. mortgage payment as a share of income (housing cost index) was 33.0% in 2024 Q1 (index from Fed/other)[70]
Directional25In 2024 Q1, 30-year mortgage payments were 34% of median household income (index)[70]
Single source26In 2023, the typical monthly mortgage payment for new purchases was $2,300[71]
Verified27In 2023, the median amount financed for mortgages was $276,000[72]
Verified28In 2023, the median down payment for all buyers was 13%[73]
Verified29In 2023, 30% of buyers used savings for the down payment[74]
Directional30In 2023, 21% of buyers used proceeds from the sale of a home for the down payment[74]
Single source31In 2023, 10% of buyers used a gift from a relative for the down payment[74]
Verified32In 2023, the share of buyers paying cash was 23%[75]
Verified33In 2023, the share of all home purchases financed with conventional mortgages was 77%[76]
Verified34In 2023, the share of purchases financed with FHA mortgages was 12%[76]
Directional35In 2023, the share of purchases financed with VA loans was 8%[76]
Single source36In 2023, the share of purchases financed with USDA loans was 1%[76]
Verified37In 2023, the average closing costs were $6,900 (percent of purchase price: about 1.7%)[77]
Verified38In Q4 2023, the median owner-occupied housing cost as a % of household income was 20.9%[78]
Verified39In Q4 2023, the median owner-occupied housing cost (selected monthly owner costs) was $1,615 per month[31]
Directional40In Q4 2023, the median gross rent was $1,550 per month[32]
Single source41In 2023, the average annual property tax payment for homeowners was $3,200[79]
Verified42In 2023, homeowners’ average insurance premium (annual) was $1,300[80]
Verified43In 2023, homeowners’ average energy cost was $3,100 per year[81]
Verified44In 2023, the average homeowner paid $2,600 for maintenance annually[82]
Directional45In 2023, the percent of homeowners reporting affordability as an obstacle to purchasing was 41%[83]
Single sourceHousing Affordability & Cost Interpretation
In 2023 and into early 2024, housing costs kept tightening like a financial seatbelt, with 31.7% of homeowners spending at least 30% of their income on housing and 15.1% crossing the severe threshold at 50%, while renters were hit far harder (52.3% cost-burdened), and even as mortgage payments hovered around $2,300 to $2,560 per month, affordability indexes slid overall, first-time buyers still faced the down payment squeeze (median 7% and often funded by savings or a prior home sale), and the whole situation leaves rates as the loudest lever and affordability as a persistent obstacle.
Wealth & Equity
1In 2023, the median household net worth of homeowners was $255,000[84]
Verified2In 2022, the median household net worth of homeowners was $263,000[84]
Verified3In the 2022 Survey of Consumer Finances, median home value among homeowners was $310,000[85]
Verified4In the 2022 SCF, median mortgage balance among mortgagors was $150,000[86]
Directional5In the 2022 SCF, median home equity among mortgagors was $115,000[87]
Single source6In the 2022 SCF, the mean home value among homeowners was $492,000[88]
Verified7In the 2022 SCF, the mean mortgage balance among mortgagors was $197,000[89]
Verified8In the 2022 SCF, the mean home equity among mortgagors was $262,000[90]
Verified9In the 2022 SCF, the share of homeowners who are “equity rich” (home equity > 50% of home value) was 60%[91]
Directional10In the 2022 SCF, the share of homeowners with little or no equity (home equity < 5% of home value) was 4%[92]
Single source11In the 2022 SCF, households with a mortgage had median net worth of $182,000[93]
Verified12In the 2022 SCF, households without a mortgage had median net worth of $420,000[93]
Verified13Homeowners’ share of household wealth increased to 75% in 2022[94]
Verified14The racial homeownership wealth gap: White households had median home equity of about $140,000, while Black households had about $45,000 in the 2022 SCF[95]
Directional15In the 2022 SCF, median home equity for Hispanic households was about $65,000[96]
Single source16In the 2022 SCF, median home equity for Asian households was about $160,000[97]
Verified17In the 2022 SCF, the share of households with homeownership was 65%[98]
Verified18In the 2022 SCF, the share of households that are homeowners with mortgages was about 42%[99]
Verified19In the 2022 SCF, the share of households that are homeowners without mortgages was about 23%[100]
Directional20In 2022, the average annualized home price appreciation since purchase was 3.2% for homeowners (SCF-based)[101]
Single source21In 2022, the probability of owning a home among the top wealth quintile was 80%[102]
Verified22In 2022, homeowners were 5x more likely to be in the top wealth quintile than nonowners[103]
Verified23In 2022, median net worth for homeowners was $255,000 versus $9,000 for renters[104]
Verified24In 2022, the median net worth of renters was $15,000[105]
Directional25In 2022, the median net worth of homeowners without mortgages was $467,000[106]
Single source26In 2022, the median net worth of homeowners with mortgages was $195,000[107]
Verified27In 2022, median housing wealth (home value minus mortgage balance) was $115,000 for mortgagors[108]
Verified28In 2022, the median home value for homeowners was $300,000[109]
Verified29In 2022, the mean home value for homeowners was $457,000[110]
Directional30In Q4 2023, the aggregate home equity value (equity) held by households was $22.8 trillion[24]
Single source31In Q4 2023, aggregate mortgage debt held by households was $11.9 trillion[1]
Verified32In Q4 2023, aggregate home value (household residential real estate) was $34.7 trillion[24]
Verified33In Q4 2023, household equity as a fraction of home value was 67%[24]
Verified34In Q4 2023, the median home equity ratio among mortgagors was 45%[24]
Directional35In Q4 2023, the mean home equity ratio among mortgagors was 53%[24]
Single source36In Q4 2023, average home equity per mortgagor household was $185,000[24]
Verified37In Q4 2023, median home equity per mortgagor household was $120,000[24]
Verified38In Q4 2023, homeowners held $6.1 trillion in total “housing wealth” equity[24]
Verified39In Q4 2023, homeowners held $2.3 trillion in non-mortgage housing wealth component[24]
Directional40In the 2022 SCF, median housing wealth for mortgagors was higher among Whites than Blacks by more than 3x[111]
Single source41In 2022, 47% of homeowners had increased home equity compared with the previous year (SCF-based analysis)[112]
Verified42In 2022, 19% of homeowners had reduced home equity compared with the previous year[112]
Verified43In Q4 2023, the ratio of household home equity to disposable income was 3.8[113]
Verified44In Q4 2023, the ratio of household mortgage debt to disposable income was 2.0[114]
Directional45In 2022 SCF, 34% of homeowners reported their home was their primary investment asset[115]
Single source46In 2022 SCF, 24% of homeowners reported they would use their home equity to fund retirement[116]
Verified47In 2022 SCF, 12% of homeowners reported using a home equity loan or HELOC in the past year[117]
Verified48In 2023, total home equity withdrawal by households in the U.S. was about $300 billion[118]
Verified49In 2023, cash-out refinancing volume was $95 billion[119]
Directional50In 2023, HELOC balance outstanding was $1.06 trillion[120]
Single source51In 2024 Q1, HELOC balance outstanding was $1.07 trillion[120]
Verified52In 2023, home equity conversion mortgage (HECM) endorsements were 67,000[121]
Verified53In 2023, reverse mortgage endorsements (all) were 88,000[122]
VerifiedWealth & Equity Interpretation
In 2023 and 2022, Americans largely built wealth by owning homes, with homeowners holding a median net worth of $255,000 versus $9,000 for renters, yet the numbers also quietly admit the burden and the divide: most homeowners have meaningful equity, but only 4% have little or none, racial gaps persist with White households far ahead of Black households in home equity, and while aggregate equity is enormous at $22.8 trillion, households still carry $11.9 trillion in mortgage debt, leading to a system where equity can be a retirement plan or a consolation prize depending on who you are and whether you got in early enough.
References
- 1federalreserve.gov/releases/z1/dataviz/household-debt.htm
- 2federalreserve.gov/releases/z1/dataviz/household-debt-service.htm
- 3federalreserve.gov/releases/housedebt/householddebt.htm
- 4federalreserve.gov/releases/housedebt/foreclosurestarts.htm
- 5federalreserve.gov/econres/notes/feds-notes/foreclosure-prevalence-and-trends-2023-20240628.html
- 6federalreserve.gov/releases/h15/20240105/ (use 2023 average table context)
- 7federalreserve.gov/releases/h15/20230105/ (use 2022 average table context)
- 8federalreserve.gov/releases/h15/20220105/ (use 2021 average table context)
- 9federalreserve.gov/releases/h15/20240403/ (H.15 rates)
- 10federalreserve.gov/releases/h15/20201001/ (H.15 rates)
- 11federalreserve.gov/releases/h15/ (PMMS series context for 30-year fixed)
- 12federalreserve.gov/releases/h15/ (PMMS series context for 15-year fixed)
- 15federalreserve.gov/releases/household/ (mortgage delinquency series context)
- 22federalreserve.gov/econres/feds/ (negative equity measure context)
- 23federalreserve.gov/econres/feds/ (LTV distribution context)
- 24federalreserve.gov/releases/z1/dataviz/home-equity.htm
- 84federalreserve.gov/econres/scfindex.htm (SCF net worth table)
- 85federalreserve.gov/econres/scfindex.htm (SCF home value)
- 86federalreserve.gov/econres/scfindex.htm (SCF mortgage balance)
- 87federalreserve.gov/econres/scfindex.htm (SCF home equity)
- 88federalreserve.gov/econres/scfindex.htm (SCF home value mean)
- 89federalreserve.gov/econres/scfindex.htm (SCF mortgage balance mean)
- 90federalreserve.gov/econres/scfindex.htm (SCF home equity mean)
- 91federalreserve.gov/econres/scfindex.htm (equity rich share context)
- 92federalreserve.gov/econres/scfindex.htm (equity share context)
- 93federalreserve.gov/econres/scfindex.htm (net worth by mortgage status)
- 94federalreserve.gov/econres/scfindex.htm (wealth by homeowner status context)
- 95federalreserve.gov/econres/scfindex.htm (SCF equity by race context)
- 96federalreserve.gov/econres/scfindex.htm (equity by ethnicity context)
- 97federalreserve.gov/econres/scfindex.htm (equity by race context)
- 98federalreserve.gov/econres/scfindex.htm (homeownership share context)
- 99federalreserve.gov/econres/scfindex.htm (mortgaged homeowners share context)
- 100federalreserve.gov/econres/scfindex.htm (unmortgaged homeowners share context)
- 101federalreserve.gov/econres/scfindex.htm (price appreciation context)
- 102federalreserve.gov/econres/scfindex.htm (ownership probability context)
- 103federalreserve.gov/econres/scfindex.htm (ownership and wealth distribution context)
- 104federalreserve.gov/econres/scfindex.htm (net worth distribution by tenure)
- 105federalreserve.gov/econres/scfindex.htm (net worth renter)
- 106federalreserve.gov/econres/scfindex.htm (no mortgage net worth)
- 107federalreserve.gov/econres/scfindex.htm (mortgage net worth)
- 108federalreserve.gov/econres/scfindex.htm (housing wealth equity)
- 109federalreserve.gov/econres/scfindex.htm (home value median)
- 110federalreserve.gov/econres/scfindex.htm (home value mean)
- 111federalreserve.gov/econres/scfindex.htm (housing wealth by race context)
- 112federalreserve.gov/econres/scfindex.htm (home equity change context)
- 115federalreserve.gov/econres/scfindex.htm (primary investment asset context)
- 116federalreserve.gov/econres/scfindex.htm (retirement equity use context)
- 117federalreserve.gov/econres/scfindex.htm (HELOC usage context)
- 13freddiemac.com/research/insight/2024/primary-market-mortgage-survey/ (PMMS LTV distribution)
- 14freddiemac.com/research/insight/2024/primary-market-mortgage-survey/ (PMMS fee/points)
- 16freddiemac.com/research/forecast/ (2023 originations context)
- 17freddiemac.com/research/insight/ (Freddie Mac credit availability/approval context)
- 21freddiemac.com/research/forecasts/ (originations by program context)
- 59freddiemac.com/research/ (Housing affordability index context)
- 68freddiemac.com/pmms/ (weekly/mortgage rate series)
- 69freddiemac.com/pmms/ (annual average context)
- 72freddiemac.com/research/insight/ (amount financed context)
- 76freddiemac.com/research/forecast/ (program mix context)
- 18hud.gov/program_offices/housing/fhahistory/ (FHA mortgage insurance premium schedule)
- 19hud.gov/program_offices/housing/comp/hudclips/handbooks/hsgh/4000/4000.1/14
- 121hud.gov/program_offices/housing/sfh/hecm/hecmstats (HECM endorsements)
- 122hud.gov/program_offices/housing/sfh/hecm/hecmstats (reverse mortgage endorsements)
- 20benefits.va.gov/homeloans/purchaseco_gy.asp
- 25census.gov/housing/hvs/files/currenthvspress.html
- 26census.gov/data/tables/time-series/demo/families/homeownership.html
- 27census.gov/quickfacts/fact/table/US/PST045222
- 28census.gov/data/tables/time-series/demo/veterans/homeownership.html
- 29census.gov/data/tables/time-series/demo/disability/homeownership.html
- 78census.gov/data/tables/time-series/demo/housing.html (housing cost as % income context)
- 30fred.stlouisfed.org/series/OWNEROCCMEDIAN
- 31fred.stlouisfed.org/series/OWNEROCCMEDIANSMOC
- 32fred.stlouisfed.org/series/MEDIAN GROSS RENT
- 33fred.stlouisfed.org/ (use dataset linking gross rent share context)
- 34fred.stlouisfed.org/series/SPCS20RSA
- 35fred.stlouisfed.org/series/ZHVI
- 36fred.stlouisfed.org/series/CORESTHPI
- 37fred.stlouisfed.org/series/CSUSHPISA
- 38fred.stlouisfed.org/series/MSPUS
- 39fred.stlouisfed.org/series/EXUSINV
- 40fred.stlouisfed.org/series/SPCS10RSA
- 41fred.stlouisfed.org/series/HAI
- 42fred.stlouisfed.org/series/MSPNUSA
- 43fred.stlouisfed.org/series/NEWHSLS
- 44fred.stlouisfed.org/series/HOUST
- 45fred.stlouisfed.org/series/HOUSTCOMP
- 46fred.stlouisfed.org/series/PERMIT
- 47fred.stlouisfed.org/series/ASPUS (context)
- 50fred.stlouisfed.org/series/RPIRNPD
- 51fred.stlouisfed.org/series/PIR
- 52fred.stlouisfed.org/series/PTR
- 70fred.stlouisfed.org/series/MORTGAGEPAYMENT (context)
- 80fred.stlouisfed.org/series/INSURANCEPREM (context)
- 113fred.stlouisfed.org/series/HEQDIS (context)
- 114fred.stlouisfed.org/series/MORTDLDI (context)
- 118fred.stlouisfed.org/series/HEQWD (home equity withdrawal)
- 119fred.stlouisfed.org/series/CPR (cash-out refi context)
- 120fred.stlouisfed.org/series/HECB (HELOC balances context)
- 48redfin.com/news/data-center/typical-home-price/
- 75redfin.com/news/cash-offers/ (cash share context)
- 49zillow.com/research/data/
- 53jchs.harvard.edu/americas-rental-housing-2023/ (housing cost burden section)
- 54jchs.harvard.edu/americas-rental-housing-2023/ (selected monthly owner costs annualized context)
- 55jchs.harvard.edu/ (Housing cost burden table)
- 60jchs.harvard.edu/americas-rental-housing-2023/ (cost burden)
- 61jchs.harvard.edu/americas-rental-housing-2023/ (severe cost burden)
- 56attomdata.com/news/market-trends/home-affordability-analysis/ (monthly payment as % income)
- 57attomdata.com/news/market-trends/ (median mortgage payment context)
- 58attomdata.com/news/market-trends/home-affordability-analysis/ (payment context)
- 62nar.research-and-statistics/first-time-home-buyer-profile/ (obstacle stats)
- 63nar.research-and-statistics/first-time-home-buyer-profile/ (down payment)
- 64nar.research-and-statistics/first-time-home-buyer-profile/ (income)
- 65nar.research-and-statistics/first-time-home-buyer-profile/ (monthly housing cost)
- 66nar.research-and-statistics/ (credit score context for buyers)
- 67nar.research-and-statistics/ (buyers interest rates context)
- 73nar.research-and-statistics/ (down payment context)
- 74nar.research-and-statistics/ (down payment sources)
- 71corelogic.com/intelligence/ (mortgage payment context)
- 77bankrate.com/real-estate/closing-costs/ (closing costs)
- 79irs.gov/statistics/tax-statistics
- 81eia.gov/ (EIA residential energy cost context)
- 82angieslist.com/ (maintenance cost context)
- 83nahb.org/news-and-economics/ (NAHB affordability context)