While a stunning 91% of homeowners feel owning has improved their financial stability, the reality of who achieves this dream and at what cost reveals a complex portrait of American life in 2023, marked by soaring equity for some and persistent barriers for others.
Key Takeaways
- In 2023, the U.S. homeownership rate reached 65.7%, marking the highest level since 2005, with 86.6 million homeowner households.
- The homeownership rate for Black households in the U.S. was 44.1% in 2023, compared to 45.9% in 2022, showing a slight decline amid rising mortgage rates.
- Hispanic homeownership rate in the U.S. climbed to 49.1% in 2023 from 48.1% in 2022, driven by younger buyers entering the market.
- The median age of U.S. homeowners was 56 years in 2023, up from 55 in 2020.
- 52% of U.S. homeowners were aged 55 or older in 2023.
- Women comprised 53.1% of U.S. homeowners in 2023.
- The median mortgage payment for homeowners was $1,918 in Q4 2023.
- Average home equity for U.S. homeowners reached $319,000 in 2023.
- 48% of homeowners had no mortgage debt in 2023.
- Inventory of homes for sale was 3.2 months supply in 2023.
- Existing-home sales totaled 4.09 million in 2023, down 19% from 2022.
- New home sales reached 668,000 units in 2023.
- The average U.S. home size for homeowners was 2,014 square feet in 2023.
- 65% of owner-occupied homes were single-family detached in 2023.
- Median year built for owner homes was 1974 in 2023.
The overall homeownership rate is rising but key disparities in race and age persist.
Demographics of Homeowners
- The median age of U.S. homeowners was 56 years in 2023, up from 55 in 2020.
- 52% of U.S. homeowners were aged 55 or older in 2023.
- Women comprised 53.1% of U.S. homeowners in 2023.
- Married couples represented 65% of all homeowners in 2023.
- 28% of homeowners had children under 18 living at home in 2023.
- College graduates made up 42.3% of homeowners in 2023.
- White homeowners constituted 72.5% of total in 2023.
- Hispanic homeowners numbered 9.2 million households in 2023.
- Black homeowners accounted for 7.5 million households in 2023.
- Asian homeowners were 5.1 million households in 2023.
- Baby Boomers owned 38% of all homes in 2023.
- Millennials owned 24.6% of U.S. homes in 2023.
- 15.2% of homeowners were single women in 2023.
- Single men were 9.8% of homeowners in 2023.
- Homeowners with high school diploma only were 22.4% in 2023.
- 61% of homeowners lived in single-family detached homes in 2023.
- Average household size for homeowners was 2.51 persons in 2023.
- 18% of homeowners were foreign-born in 2023.
- Retirees made up 29.3% of homeowners in 2023.
- Homeowners in their 30s averaged 1.8 children per household in 2023.
- 34% of homeowners worked in professional occupations in 2023.
- Veterans comprised 12.4% of homeowners in 2023.
- LGBTQ+ individuals were 7.1% of homeowners in 2023.
- Homeowners aged 25-34 were 14.2% of total in 2023.
- 41% of homeowners had postgraduate degrees in 2023.
- Multi-generational households among owners were 17.6% in 2023.
- The average homeowner income was $109,200 in 2023.
- Female homeowners' median income was $78,500 vs. $92,100 for males in 2023.
- Southern states had 37% of all U.S. homeowners in 2023.
- Suburban homeowners were 52% of total in 2023.
Demographics of Homeowners Interpretation
The American dream of homeownership is increasingly a portrait of settled, educated couples over fifty-five, skewing female and suburban, while younger generations, single adults, and many racial groups are still painting themselves into the corners of the frame.
Financial Statistics
- The median mortgage payment for homeowners was $1,918 in Q4 2023.
- Average home equity for U.S. homeowners reached $319,000 in 2023.
- 48% of homeowners had no mortgage debt in 2023.
- Homeowners spent 28.3% of income on housing in 2023.
- Delinquency rate on mortgages was 3.92% in Q4 2023.
- Average 30-year fixed mortgage rate was 6.81% in 2023.
- Homeowners tapped $188 billion in home equity loans in 2023.
- Property taxes averaged $3,800 per homeowner in 2023.
- 22% of homeowners had negative equity in 2023, down sharply.
- Insurance premiums for homeowners averaged $1,700 annually in 2023.
- HELOC balances grew 5.2% to $320 billion in 2023.
- Foreclosure starts affected 0.28% of homeowners in Q4 2023.
- Average homeowner net worth was $1.06 million in 2023.
- 35% of homeowners refinanced in 2023 to lock lower rates.
- Maintenance costs averaged 1.2% of home value yearly, or $5,200 for median home in 2023.
- HOA fees impacted 29% of homeowners, averaging $347 monthly in 2023.
- Cash-out refinances totaled $100 billion for homeowners in 2023.
- Utility bills for homeowners averaged $4,000 annually in 2023.
- Credit card debt among homeowners averaged $7,500 in 2023.
- Student loan debt for homeowners was $42,300 average in 2023.
- 67% of homeowners had home equity lines available totaling $10 trillion in 2023.
- Tax deductions for mortgage interest benefited 80% of itemizing homeowners, saving $15 billion in 2023.
- Average down payment for recent buyers was 13% of purchase price in 2023.
- Homeowners' savings rate was 8.2% of disposable income in 2023.
- Median home value for homeowners was $320,000 in 2023.
- Year-over-year home price growth for owners was 5.2% in 2023.
Financial Statistics Interpretation
While homeowners sit on a mountain of equity averaging $319,000, they're simultaneously chipping away at it with a dizzying array of costs, proving that homeownership is a lucrative but leaky bucket.
Homeownership Rates
- In 2023, the U.S. homeownership rate reached 65.7%, marking the highest level since 2005, with 86.6 million homeowner households.
- The homeownership rate for Black households in the U.S. was 44.1% in 2023, compared to 45.9% in 2022, showing a slight decline amid rising mortgage rates.
- Hispanic homeownership rate in the U.S. climbed to 49.1% in 2023 from 48.1% in 2022, driven by younger buyers entering the market.
- Asian American homeownership rate stood at 63.4% in 2023, the highest among major racial groups, up 1.2% from the previous year.
- Homeownership rate for households aged 65 and over was 80.2% in 2023, reflecting stability in senior demographics.
- Millennial homeownership rate reached 52.2% in 2023, surpassing previous generations at similar ages.
- In urban areas, U.S. homeownership rate was 54.3% in 2023, lower than the 71.2% in rural areas.
- White non-Hispanic homeownership rate was 74.6% in 2023, consistent with long-term averages.
- Homeownership rate for married-couple families was 82.1% in 2023, far exceeding single-person households at 48.7%.
- In the South, homeownership rate hit 69.4% in 2023, the highest regional figure.
- Gen Z homeownership rate increased to 26.1% in 2023 for those aged 18-26.
- Northeast U.S. homeownership rate was 63.8% in 2023, impacted by high property costs.
- Female-headed households had a 55.3% homeownership rate in 2023.
- Midwest homeownership rate was 70.1% in 2023, stable over the decade.
- Homeownership rate for households with children under 18 was 63.4% in 2023.
- West region homeownership rate dipped to 60.2% in 2023 due to affordability issues.
- Veteran households achieved 78.5% homeownership rate in 2023.
- Homeownership rate for college-educated homeowners was 72.3% in 2023.
- Low-income households (<$50k) had 46.8% homeownership rate in 2023.
- High-income households (>$100k) boasted 85.4% homeownership rate in 2023.
- Single male-headed households had 52.1% homeownership rate in 2023.
- Homeownership rate in suburbs was 68.7% in 2023.
- Empty-nester households reached 78.9% homeownership rate in 2023.
- Immigrant households had 54.2% homeownership rate in 2023.
- Homeownership rate for disabled-headed households was 61.3% in 2023.
- Rural homeowner rate was 71.2% in 2023, highest geographic category.
- Homeownership rate for 45-54 age group was 69.8% in 2023.
- LGBTQ+ households had 60.4% homeownership rate in 2023 per Gallup data.
- Homeownership rate in central cities was 48.5% in 2023.
- Households with annual income $75k-$100k had 74.2% homeownership rate in 2023.
Homeownership Rates Interpretation
America may have collectively reclaimed the dream of homeownership at its highest rate in nearly two decades, but the keys to that dream are still distributed with old-fashioned unevenness, favoring the older, wealthier, married, and suburban.
Lifestyle and Satisfaction
- 75.2% of U.S. homeowners reported high satisfaction with homeownership in 2023.
- 68% of homeowners planned to stay in their home for 10+ years in 2023.
- Homeowners spent average 8.3 hours weekly on maintenance in 2023.
- 82% valued neighborhood quality as top satisfaction factor in 2023.
- 45% of owners remodeled kitchens in past 5 years by 2023.
- Gardening engaged 57% of homeowners weekly in 2023.
- 91% felt homeownership improved financial stability in 2023 survey.
- Average time to pay off mortgage was 13 years remaining in 2023.
- 62% hosted gatherings monthly, citing home space in 2023.
- Pet ownership was 70% among homeowners vs. 54% renters in 2023.
- 34% added home gyms post-pandemic by 2023.
- Commuting time averaged 26 minutes for homeowners in 2023.
- 77% reported better sleep quality owning vs. renting in 2023.
- Energy-efficient upgrades done by 41% of owners in 2023.
- 56% personalized exteriors like painting in past year 2023.
- Home-based businesses run by 15% of owners in 2023.
- 83% would buy again, citing freedom and equity in 2023.
- Average vacation home ownership among primary owners was 4% in 2023.
- 49% integrated smart security systems by 2023.
- Community involvement higher at 52% for owners vs. 38% renters in 2023.
Lifestyle and Satisfaction Interpretation
While awash in the satisfying glow of equity and neighborhood bliss—though often elbow-deep in garden soil and weekend chores—today’s American homeowner is a contented, slightly weary captain, firmly anchored in a personalized, financially sensible, and frequently used harbor.
Market Trends
- Inventory of homes for sale was 3.2 months supply in 2023.
- Existing-home sales totaled 4.09 million in 2023, down 19% from 2022.
- New home sales reached 668,000 units in 2023.
- Pending home sales index fell to 71.5 in December 2023.
- Home price index rose 5.8% year-over-year in November 2023.
- Median days on market for homes was 61 in 2023.
- 28% of homes sold above list price in 2023.
- First-time buyer share was 32% of purchases in 2023.
- Repeat buyers made up 68% of market in 2023.
- All-cash sales comprised 28% of transactions in 2023.
- Investor purchases were 16% of home sales in 2023.
- Median sales price hit $389,800 for existing homes in 2023.
- Housing starts totaled 1.41 million units in 2023.
- Building permits issued numbered 1.46 million in 2023.
- Foreclosure auctions peaked at 4,000 monthly in mid-2023.
- Rental vacancy rate was 6.6% influencing owner decisions in 2023.
- 89% of homes sold within 30 days in competitive markets in 2023.
- Price per square foot averaged $192 for sales in 2023.
- Distressed sales were only 2% of total market in 2023.
- iBuyer transactions dropped 45% to 12,000 homes in 2023.
- Median listing price was $425,000 in December 2023.
- Homes under construction rose 10% year-over-year in 2023.
- Seller concessions reached 1.6% of sale price in 2023.
- Jumbo loan originations grew 15% to $250 billion in 2023.
- FHA loan share was 17% of purchase mortgages in 2023.
- VA loans financed 11% of purchases for veteran homeowners in 2023.
- Conforming loan limit increased to $766,550 in high-cost areas for 2023.
Market Trends Interpretation
Despite a market pulling in opposite directions—with sales sluggish and prices stubbornly high—the American housing drama played out with determined buyers still elbowing their way into a frustratingly thin supply of homes.
Property Characteristics
- The average U.S. home size for homeowners was 2,014 square feet in 2023.
- 65% of owner-occupied homes were single-family detached in 2023.
- Median year built for owner homes was 1974 in 2023.
- 29% of homes had 3 bedrooms, most common for owners in 2023.
- Attached single-family homes were 15% of owner-occupied stock in 2023.
- Average lot size for owner homes was 0.19 acres in 2023.
- 22% of homes had garages for 3+ cars in 2023.
- Mobile homes comprised 6.5% of owner-occupied housing in 2023.
- 41% of owner homes had finished basements in 2023.
- Median home age was 41 years for existing owners in 2023.
- 18% of homes featured smart home technology in 2023.
- Two-story homes were preferred by 48% of recent buyers in 2023.
- 34% of owner homes had central air conditioning in 2023.
- Average number of bathrooms was 2.3 per owner home in 2023.
- Condos/apartments were 8% of owner-occupied units in 2023.
- 27% had fireplaces, down from 35% a decade ago in 2023.
- Homes with home offices rose to 19% among owners in 2023.
- 12% of owner homes were accessible for disabilities in 2023.
- Solar panels were on 4.6% of owner homes in 2023.
- Average ceiling height was 9 feet in 55% of newer owner homes (post-2000) in 2023.
- Fenced yards were in 62% of single-family owner homes in 2023.
- 76% of owners had laundry facilities in-unit in 2023.
- Hardwood floors featured in 54% of homes sold to owners in 2023.
- Pools were present in 3.2% of owner-occupied homes in 2023.
- 89% of homes had off-street parking for owners in 2023.
- Vaulted ceilings in 23% of owner homes built after 1990 in 2023.
Property Characteristics Interpretation
The modern American homeowner lives in a comfortably average, forty-year-old, single-family fortress equipped with a garage for their stuff, a yard for their dog, and enough bathrooms to prevent morning arguments, all while slowly embracing smart technology and coming to terms with the decline of the romantic fireplace.
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