Behind the simple 65.7% national homeownership rate lies a complex mosaic of American dreams, where your chances of owning a home can swing wildly based on your age, race, location, and income.
Key Takeaways
- In 2022, the homeownership rate for U.S. households headed by individuals aged 35-44 was 68.3%
- Black or African American householders had a homeownership rate of 44.1% in 2023, compared to 74.6% for non-Hispanic White householders
- Homeownership rate for Hispanic households reached 49.1% in Q4 2023, up from 47.5% the previous year
- Rural households had a homeownership rate of 81.6% in 2022
- In California, the homeownership rate was 55.3% in 2023, the lowest among states
- West Virginia had the highest homeownership rate at 77.8% in 2023
- The national median home price was $412,300 in Q4 2023, up 5.1% from 2022
- Mortgage delinquency rate was 3.92% in Q1 2024, lowest since 1972
- Housing affordability index stood at 98.1 in 2023, down from 153.4 in 2020
- U.S. homeownership rate was 65.7% in Q4 2023, down from 66.0% peak in 2020
- Homeownership rate for baby boomers peaked at 78.9% in 2004
- National rate rose from 64.1% in 1995 to 69.0% in 2004
- FHA loans originated 11.5 million from 2008-2018, aiding recovery
- VA home loans financed 25% of purchases for veterans in 2023
- Low-Income Housing Tax Credit supported 3.2 million units since 1986
Homeownership rates vary widely by age, race, income, and where people live.
Demographic Statistics
- In 2022, the homeownership rate for U.S. households headed by individuals aged 35-44 was 68.3%
- Black or African American householders had a homeownership rate of 44.1% in 2023, compared to 74.6% for non-Hispanic White householders
- Homeownership rate for Hispanic households reached 49.1% in Q4 2023, up from 47.5% the previous year
- Households with annual income under $50,000 had a 46.2% homeownership rate in 2022
- Married-couple families had an 81.4% homeownership rate in 2022, versus 52.3% for non-family households
- Female householders aged 65+ had a homeownership rate of 71.8% in 2023
- Asian American households achieved a 63.1% homeownership rate in 2022
- Households with children under 18 had a 68.9% homeownership rate in 2022
- Veterans had a homeownership rate of 78.2% in 2023, higher than the national average of 65.7%
- College-educated householders under 35 had a 52.4% homeownership rate in 2022
- Single men aged 25-34 had a 38.7% homeownership rate in 2023
- Households earning $100,000-$150,000 annually had a 78.5% homeownership rate in 2022
- Native Hawaiian or Other Pacific Islander householders had a 52.3% homeownership rate in 2022
- Empty-nester households (65+) had a 78.9% homeownership rate in 2023
- LGBTQ+ headed households had a homeownership rate of 54.2% in 2022
- In 2021, homeownership rate for U.S. households aged 25-34 was 39.2%
- American Indian or Alaska Native householders had 62.7% homeownership in 2022
- Households with income $75k-$100k had 72.1% rate in 2023
- Single women householders rate was 55.4% in 2022
- Gen Z (18-25) homeownership was 25.8% in 2023
- High school graduates only had 48.3% rate in 2022
- Multi-generational households had 61.2% ownership in 2023
Demographic Statistics Interpretation
The American dream of homeownership, like a VIP section at a concert, is broadly accessible if you're white, wealthy, or wed, but feels more like a general admission lottery with worse odds for everyone else.
Economic Statistics
- The national median home price was $412,300 in Q4 2023, up 5.1% from 2022
- Mortgage delinquency rate was 3.92% in Q1 2024, lowest since 1972
- Housing affordability index stood at 98.1 in 2023, down from 153.4 in 2020
- Average 30-year fixed mortgage rate was 7.09% in October 2023
- Home equity reached $31.2 trillion nationally in Q4 2023
- Rent burden exceeded 30% of income for 49.8% of renters in 2022
- Down payment averaged 14% of home price for first-time buyers in 2023
- Household debt service ratio for mortgages was 9.8% in Q4 2023
- Inventory of homes for sale was 3.7 months' supply in December 2023
- Price-to-income ratio averaged 5.2 nationally in 2023
- FHA loan share was 17.2% of purchase originations in 2023
- Conventional loan delinquency rate was 2.1% in Q1 2024
- Median sales price for existing homes rose 4.2% to $389,800 in 2023
- Share of cash buyers was 32% of transactions in 2023
- Foreclosure starts rate was 0.16% in Q4 2023
- Home price appreciation slowed to 3.9% year-over-year in Q1 2024
- Existing home sales totaled 4.09 million in 2023, down 19% from 2022
- ARM share of mortgages was 7.2% in Q4 2023
- Median renter income was $47,200 in 2022
- Jumbo loan originations fell 45% in 2023
- Housing cost burden >50% income for 19.4% owners in 2022
- New home median price was $417,400 in 2023
- Underbuilding gap estimated at 4.5 million units in 2023
- Refinance share dropped to 13% of originations in 2023
- Institutional investors bought 15% of homes in 2023
- Home price-to-rent ratio was 22.1 in 2023
Economic Statistics Interpretation
It seems the American Dream is currently under renovation, offering a frustratingly exclusive open house where prices are proudly posted at record highs, mortgage rates are the ungracious bouncers, and the only thing more inflated than the equity is the number of people who can't afford to get in the door.
Geographic Statistics
- Rural households had a homeownership rate of 81.6% in 2022
- In California, the homeownership rate was 55.3% in 2023, the lowest among states
- West Virginia had the highest homeownership rate at 77.8% in 2023
- New York City's homeownership rate stood at 32.1% in 2022
- Suburban areas had a 72.4% homeownership rate compared to 52.8% in urban cores in 2022
- Florida's homeownership rate increased to 67.2% in 2023 from 66.1% in 2022
- Midwest region homeownership rate was 70.9% in 2023, highest among U.S. regions
- Detroit, MI had a homeownership rate of 48.3% in 2022
- Texas homeownership rate reached 65.4% in 2023, driven by population growth
- Northeast urban areas had a 53.7% homeownership rate in 2022
- Alaska's homeownership rate was 65.8% in 2023
- Sun Belt states averaged 68.1% homeownership in 2022
- Chicago, IL homeownership rate was 46.2% in 2023
- Rural Midwest counties had 82.4% homeownership in 2022
- In Hawaii, homeownership rate was 59.4% in 2023
- Atlanta, GA had 56.7% homeownership in 2022
- South region averaged 66.8% homeownership in 2023
- Philadelphia, PA rate was 50.2% in 2023
- Wyoming homeownership was 73.5% in 2022
- Urban South had 58.9% rate in 2022
- Nevada rate was 57.1% in 2023 amid high prices
- Rural Northeast counties averaged 76.4% in 2022
- Boston, MA homeownership was 35.8% in 2023
Geographic Statistics Interpretation
The American Dream appears to have taken out a rural mortgage and moved to West Virginia while its broke cousin rents a shoebox in New York City.
Historical Trends
- U.S. homeownership rate was 65.7% in Q4 2023, down from 66.0% peak in 2020
- Homeownership rate for baby boomers peaked at 78.9% in 2004
- National rate rose from 64.1% in 1995 to 69.0% in 2004
- Post-2008 crash, rate fell to 63.4% in 2016 before recovering
- Millennial homeownership rate increased from 32% in 2011 to 48% in 2021
- Black homeownership stagnated at ~44% from 2010-2020
- Median home price grew 150% from $147,100 in 2000 to $369,400 in 2022
- First-time buyer share dropped from 40% in 1981 to 26% in 2023
- Mortgage rates averaged 3.1% in 2021, up to 6.8% in 2023
- Homeownership vacancy rate was 1.3% in 2022, lowest since 2005
- Hispanic rate surged from 42.1% in 2000 to 49.1% in 2023
- Rental vacancy rate fell from 8.3% in 2000 to 6.3% in 2023
- Under-35 rate declined from 43.4% in 2005 to 37.5% in 2023
- Homeownership rate hit all-time high of 69.2% in 2004
- Silent Generation ownership peaked at 82.1% in 1990
- Rate for over-75 was 80.3% in 2010
- Asian rate grew from 49.8% in 2000 to 61.7% in 2020
- Inventory months' supply was 6.5 in 2007 pre-crash
- First-time buyers averaged age 33 in 2023 vs 29 in 1981
- Foreclosures peaked at 2.9M in 2010
- Mortgage debt-to-GDP was 73% in 2006, 63% in 2023
- Rural ownership stable at ~80% since 1990
- GSE share of market was 95% post-2008 conservatorship
- Tax deduction for mortgage interest claimed by 30M in 2017 pre-reform
Historical Trends Interpretation
The American Dream of homeownership appears to be on a nostalgia tour, still playing to sold-out shows for older generations while quietly raising ticket prices and cutting new releases for the younger crowd.
Policy Impacts
- FHA loans originated 11.5 million from 2008-2018, aiding recovery
- VA home loans financed 25% of purchases for veterans in 2023
- Low-Income Housing Tax Credit supported 3.2 million units since 1986
- Section 8 vouchers assisted 1.2 million households in 2022
- Dodd-Frank Act reduced high-cost mortgages by 90% post-2010
- Mortgage Credit Availability Index rose 15 points in 2023 due to GSE reforms
- Community Reinvestment Act led to $300B in lending to low-income areas since 1977
- Qualified Mortgage rule excluded 5% of risky loans since 2014
- GSE conservatorship since 2008 stabilized 10M foreclosures
- Homeowner Assistance Fund disbursed $5.3B to 500K households by 2023
- Tax Cuts and Jobs Act doubled standard deduction, reducing itemizers by 90%
- CARES Act forbearance prevented 2.7M foreclosures in 2020-2021
- Opportunity Zones attracted $100B in investments since 2017
- Homeowner Assistance Fund allocated $10B in 2021 ARP
- Fair Housing Act complaints totaled 28,000 in 2022
- Ginnie Mae guaranteed $2.1T in MBS in FY2023
Policy Impacts Interpretation
Between stalwart government scaffolding and sheer human resilience, the American dream of homeownership has been both a statistician's fever dream and a remarkably persistent reality, propped up by everything from post-crisis lifelines and veteran support to regulatory guardrails and a constant, contentious tug-of-war between risk, access, and fairness.
Sources & References
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