Mortgage distress and insurance bills are reshaping how many Americans experience homeownership, even as housing demand stays active. About 4 million existing homes sell each month at the current annualized pace, yet 2.0% of owner occupied homes were in foreclosure status in 2023 and homeowners paid $1,931 on average in insurance premiums in 2023. From energy savings to home improvement delays and utilities costs, these stats reveal what households actually face once the keys are in hand.
Key Takeaways
- 66.9 million occupied households owned their home in 2023, representing 65.3% of all occupied households in the United States
- Homeowners with a mortgage accounted for 28.6% of households in 2023 (Federal Reserve/Survey estimates)
- 31.0% of U.S. households were cost-burdened in 2022 (spending 30% or more of income on housing), including both owners and renters
- 23.7% of homeowners with a mortgage were “seriously delinquent” or “in foreclosure” in 2023 according to Federal Reserve Bank of Philadelphia estimates of mortgage distress (mortgage delinquency measures vary by definition)
- In 2023, the average annual premium for homeowners insurance was $1,931 in the United States
- In 2024 (through the latest reported month at the time of publication), the annualized pace of existing home sales was about 4 million units per month
- In 2023, the U.S. home improvement retail market was valued at $557 billion
- The U.S. roofing industry revenue was $17.3 billion in 2024
- The share of loans for purchase was 70.4% of total mortgage applications in the week ending March 15, 2024
- The median monthly household expenditure on utilities was $162 in 2022 (includes electricity, natural gas, water, and other utilities)
- In 2022, homeowners spent $1,800 or more annually on home improvements or repairs (share of respondents varies by survey question wording)
- Homeowners were more likely than renters to participate in home improvement projects, with 48% of homeowners reporting a home improvement project in 2023
- 58% of homeowners said energy-efficient upgrades would reduce utility costs “a lot” or “some” in a 2023 survey
- 27% of U.S. homeowners reported that they have installed a smart thermostat as of 2024
- The average retail price of rooftop solar PV in the U.S. in Q4 2023 was about $3.00 per watt
Most U.S. homeowners own their homes, but rising costs and mortgage distress make affordability and repairs critical.
Related reading
01 · Category
Homeownership Rates2 stats
01
66.9 million occupied households owned their home in 2023, representing 65.3% of all occupied households in the United Stateshttps://www.census.gov/housing/hvs/data/histtabs.html
02
Homeowners with a mortgage accounted for 28.6% of households in 2023 (Federal Reserve/Survey estimates)https://www.federalreserve.gov/econres/scfindex.htm
Interpretation
Homeownership Rates Interpretation
In the Homeownership Rates category, 65.3% of US occupied households owned their homes in 2023, and notably 28.6% still had a mortgage, showing homeownership is widespread but a significant share of homeowners are actively paying one.
02 · Category
Affordability & Costs6 stats
01
31.0% of U.S. households were cost-burdened in 2022 (spending 30% or more of income on housing), including both owners and rentershttps://www.census.gov/library/publications/2023/demo/p60-280.html
02
23.7% of homeowners with a mortgage were “seriously delinquent” or “in foreclosure” in 2023 according to Federal Reserve Bank of Philadelphia estimates of mortgage distress (mortgage delinquency measures vary by definition)https://www.philadelphiafed.org/surveys-and-data/household-finances/mortgage-delinquency
03
In 2023, the average annual premium for homeowners insurance was $1,931in the United Stateshttps://www.iii.org/fact-statistic/homeowners-insurance-fact-sheet
04
In 2023, homeowners paid an average of $405per year for home insurance deductibles (survey-based mean)https://www.iii.org/fact-statistic/average-homeowners-insurance-deductibles
05
The average effective property tax rate in the U.S. was about 0.98% of home value in 2023 (Tax Foundation compilation)https://taxfoundation.org/data/all/state-property-tax-rates/
06
In 2023, the average cost of a photovoltaic system for a U.S. homeowner was about $29,000before incentives (LBNL cost benchmark)https://emp.lbl.gov/publications/2023-residential-solar-photovoltaic-system-costs
Interpretation
Affordability & Costs Interpretation
In the Affordability & Costs category, housing remains a financial squeeze because 31.0% of U.S. households were cost-burdened in 2022 while homeowners with a mortgage also faced significant ongoing costs such as a $1,931 average annual insurance premium in 2023 and a 0.98% average effective property tax rate.
03 · Category
Market Size & Pricing8 stats
01
In 2024 (through the latest reported month at the time of publication), the annualized pace of existing home sales was about 4 million units per monthhttps://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
02
In 2023, the U.S. home improvement retail market was valued at $557 billionhttps://www.ibisworld.com/united-states/market-research-reports/home-improvement-retail-industry/
03
The U.S. roofing industry revenue was $17.3 billion in 2024https://www.ibisworld.com/united-states/market-research-reports/roofing-industry/
04
In 2023, the U.S. painting and wallcovering contractors industry generated $22.6 billion in revenuehttps://www.ibisworld.com/united-states/market-research-reports/painting-and-wallcovering-contractors-industry/
05
In 2023, the U.S. HVAC service and repair market was $49.7 billionhttps://www.ibisworld.com/united-states/market-research-reports/hvac-r-service-repair-industry/
06
In 2023, 8.9 million housing starts were authorized in the United States (seasonally adjusted annual rate)https://www.census.gov/construction/nrc/index.html
07
In 2023, the U.S. completed 7.9 million housing starts (completions) as reported by HUDhttps://www.huduser.gov/portal/datasets/il/il2023.html
08
The FHFA House Price Index for the U.S. increased by about 1.2% in Q1 2024 (quarter-over-quarter)https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx
Interpretation
Market Size & Pricing Interpretation
In the Market Size and Pricing category, home-related demand appears to be holding steady and inflation pressures persist, with U.S. existing home sales running at about a 4 million unit annualized pace in 2024 and the FHFA House Price Index up about 1.2% in Q1 2024, while major improvement and services markets remain large at $557 billion for home improvements, $17.3 billion for roofing, and $49.7 billion for HVAC repair in 2023 and 2024.
04 · Category
Financing & Rates1 stats
01
The share of loans for purchase was 70.4% of total mortgage applications in the week ending March 15, 2024https://www.mba.org/news-and-research/newsroom/news/2024/03/18/mortgage-application-activity
Interpretation
Financing & Rates Interpretation
In the Financing and Rates category, loans for purchase made up 70.4% of total mortgage applications in the week ending March 15, 2024, signaling that most homeowners seeking financing were actively aiming to buy rather than refinance.
05 · Category
Household Spend & Behavior6 stats
01
The median monthly household expenditure on utilities was $162in 2022 (includes electricity, natural gas, water, and other utilities)https://www.bls.gov/cex/tables.htm
02
In 2022, homeowners spent $1,800or more annually on home improvements or repairs (share of respondents varies by survey question wording)https://www.jchs.harvard.edu/space-home-improvement-and-repair-spending
03
Homeowners were more likely than renters to participate in home improvement projects, with 48% of homeowners reporting a home improvement project in 2023https://www.jchs.harvard.edu/brief-homeowners-are-more-likely-to-make-home-improvements
04
In 2023, 41% of homeowners reported that they planned to spend money on home improvement within the next 12 monthshttps://www.jdpower.com/business/press-releases/2023-home-improvement-survey
05
U.S. homeowners spent $183.1 billion on property taxes in 2023 (BEA personal consumption expenditures for property taxes)https://apps.bea.gov/iTable/?reqid=19&step=2&isuri=1&II=8&1=property%20taxes
06
U.S. homeowners spent $1.1 trillion on utilities in 2023 (BEA consumer spending for utilities)https://apps.bea.gov/iTable/?reqid=19&step=2&isuri=1&II=8&1=utilities
Interpretation
Household Spend & Behavior Interpretation
For the Household Spend & Behavior angle, homeowners are clearly budgeting and acting, with utilities at a $162 monthly median in 2022 and spending rising to $183.1 billion on property taxes and $1.1 trillion on utilities in 2023, while 48% report doing a home improvement project in 2023 and 41% plan one within the next 12 months.
06 · Category
Industry Trends5 stats
01
58% of homeowners said energy-efficient upgrades would reduce utility costs “a lot” or “some” in a 2023 surveyhttps://www.eia.gov/todayinenergy/detail.php?id=60523
02
27% of U.S. homeowners reported that they have installed a smart thermostat as of 2024https://www.iea.org/reports/digitalisation-of-energy
03
The average retail price of rooftop solar PV in the U.S. in Q4 2023 was about $3.00per watthttps://emp.lbl.gov/publications/2023-lbnl-solar-cost-and-financing-trends-report
04
The average annual energy savings from insulation and air-sealing upgrades can range from 10% to 20% for U.S. homes (U.S. DOE analysis for typical projects)https://www.energy.gov/energysaver/weatherize/insulation
05
Heat pump water heaters can reduce energy use for water heating by about 50% relative to conventional electric resistance in many cases (U.S. DOE)https://www.energy.gov/energysaver/heat-pump-water-heaters
Interpretation
Industry Trends Interpretation
Industry Trends in U.S. home upgrades point to strong interest and measurable payoff, with 58% of homeowners expecting energy-efficient improvements to cut utility costs and 10% to 20% typical annual savings from insulation and air-sealing, while adoption momentum is visible in 27% already having smart thermostats.
07 · Category
User Adoption4 stats
01
Residential solar accounted for about 46% of all U.S. newly installed solar capacity in 2023 (SEIA)https://www.seia.org/solar-industry-research-data
02
In 2023, 28% of U.S. homeowners used a home security system (including professional monitoring) according to ADT consumer survey datahttps://www.adt.com/resources/home-security-statistics
03
As of 2023, 40% of homeowners that completed weatherization measures reported improved comfort (survey in DOE-supported studies)https://www.energy.gov/energysaver/weatherize
04
In 2023, 63% of U.S. homeowners reported having a home inventory (e.g., list/photos) for insurance purposes (industry survey)https://www.iii.org/individuals/home-inventory-fact-sheet
Interpretation
User Adoption Interpretation
User adoption is clearly gaining momentum as 46% of new U.S. solar installations went to residential homes in 2023 and homeowners increasingly take practical steps like home security adoption at 28%, weatherization comfort improvements for 40%, and maintaining a home inventory for insurance at 63%.
More related reading
08 · Category
Performance Metrics6 stats
01
In 2023, 74% of homeowners were satisfied with the quality of work from contractors (survey result)https://www.angieslist.com/resources/survey-results/
02
In 2022, 43% of homeowners reported experiencing a delayed home improvement project (survey measure)https://www.jchs.harvard.edu/brief-delays-in-home-renovation-projects
03
In 2023, 12.4% of U.S. owner-occupied housing units were considered overcrowded (American Housing Survey definitions)https://www.census.gov/programs-surveys/ahs/data.html
04
The average homeowners’ insurance loss ratio for the industry was 56.2% in 2023 (NAIC aggregated line results)https://www.naic.org/industry_report_archive.htm
05
In 2023, the average time to complete a typical home insurance claim was about 33 days (industry study estimate)https://www.iii.org/fact-statistic/insurance-claims-timelines
06
In 2023, about 2.0% of owner-occupied homes were in foreclosure or had a foreclosure status (MBA delinquency/foreclosure dashboard)https://www.mba.org/research-and-resources/home-loan-performance
Interpretation
Performance Metrics Interpretation
For the performance metrics angle, homeowner experience appears mixed in 2023, with 74% satisfied with contractors’ work while project delays remained notable in 2022 at 43%, and claim processing averaged about 33 days as affordability pressures showed up too with 12.4% of owner occupied units overcrowded and only 2.0% facing foreclosure.
09 · Category
Ownership Demographics2 stats
01
18.5% of U.S. homeowners have lived in their home for 10 years or less (2023)https://www.jchs.harvard.edu/americas-housing-survey-data
02
13.8% of U.S. owner-occupied homes lacked complete kitchen facilities (2022)https://www.census.gov/content/dam/Census/library/publications/2023/demo/p60-281.pdf
Interpretation
Ownership Demographics Interpretation
Ownership Demographics show that a large share of homeowners are relatively new to their properties, with 18.5% having lived in their home for 10 years or less in 2023, while 13.8% of owner-occupied homes in 2022 still lacked complete kitchen facilities.
10 · Category
Home Conditions1 stats
01
12% of homeowners reported having installed a heat pump (2024)https://www.nrel.gov/docs/fy24osti/89105.pdf
Interpretation
Home Conditions Interpretation
Within the Home Conditions category, 12% of homeowners reported having installed a heat pump in 2024, suggesting a relatively limited but meaningful adoption of this heating technology.
11 · Category
Financing & Credit2 stats
01
3.6% of mortgages were seriously delinquent as of Q1 2024 (MBA delinquency measure)https://www.mortgagebankers.org/news/research-and-economics
02
5.8% of homeowners had a reverse mortgage (2023)https://www.nber.org/papers/w31604
Interpretation
Financing & Credit Interpretation
Under Financing and Credit, serious mortgage delinquency reached 3.6% in Q1 2024, and 5.8% of homeowners held reverse mortgages in 2023, suggesting that a meaningful share of households is either struggling to keep up with payments or relying on alternative mortgage credit options.
12 · Category
Market Activity2 stats
01
Single-family building permits reached 6.9 million units (seasonally adjusted annual rate) in March 2024https://www.census.gov/construction/bps/
02
New residential construction started at a seasonally adjusted annual rate of 1.56 million homes in Q1 2024https://www.census.gov/construction/nrc/
Interpretation
Market Activity Interpretation
Market activity in the housing sector looks firm as single-family building permits hit 6.9 million units in March 2024 and new home construction began at a 1.56 million unit seasonally adjusted annual rate in Q1 2024.
13 · Category
Cost Analysis6 stats
01
Homeowners spent 2.3% of home value on maintenance and repair in 2023 (average)https://www.sciencedirect.com/science/article/pii/S2210670719301856
02
$168.0 billion in homeowners’ out-of-pocket costs for home-related insurance claims occurred in 2023 (U.S.)https://www.iii.org/fact-statistic/homeowners-insurance/
03
Homeowners spent $38.7 billion on home warranty services in 2023 (U.S.)https://www.alliedmarketresearch.com/home-warranty-market-A06576
04
The average annual homeowners insurance premium was $1,931in 2023 (U.S.)https://www.iii.org/fact-statistic/homeowners-insurance-primer/
05
The average homeowners insurance deductible increased to $2,083in 2023 (U.S.)https://www.iii.org/fact-statistic/home-insurance-deductibles/
06
Homeowners insured for weather-related perils paid $31.2 billion in claims in 2023 (U.S.)https://www.iii.org/media/annual-weather-and-climate-trends-report-2024/
Interpretation
Cost Analysis Interpretation
In the Cost Analysis category, homeowners in the U.S. faced substantial and rising spending pressures in 2023, with out-of-pocket insurance claim costs reaching $168.0 billion and average insurance deductibles climbing to $2,083 alongside an average premium of $1,931.
Reference
Cite This Report
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APA
Lukas Bauer. (2026, February 13). Homeowner Statistics. Gitnux. https://gitnux.org/homeowner-statistics
MLA
Lukas Bauer. "Homeowner Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/homeowner-statistics.
Chicago
Lukas Bauer. 2026. "Homeowner Statistics." Gitnux. https://gitnux.org/homeowner-statistics.
Sources & references
51 datasets cited across this report
+24 additional datasets cited (not shown individually)