Homeownership still covers 65.6% of US housing, but with renters at 34.4%, median rents rising to $1,255, and 45.4% of renters spending 30% or more of their income on housing, the real story of American housing is much more complicated than who owns the keys.
Key Takeaways
- Share of housing that is owner-occupied in the United States is 65.6% (2023).
- Share of housing that is renter-occupied in the United States is 34.4% (2023).
- Homeownership rate in the United States is 65.8% (Q4 2023).
- Housing units that are vacant are 12.3 million (2023).
- Vacancy rate is 6.1% (2023).
- Rental vacancy rate is 6.3% (2023).
- Median age of housing stock is 46 years for renter-occupied units (2019).
- Median age of housing stock is 40 years for owner-occupied units (2019).
- Share of housing units built before 1960 is 43% (2019).
- Median household size in renter-occupied housing units is 2.3 (2022).
- Median household size in owner-occupied housing units is 2.5 (2022).
- Number of households in the United States is 131.9 million (2023).
- Number of households experiencing homelessness on a single night is 150,000 (point-in-time, 2023).
- Number of people experiencing homelessness on a single night is 653,104 (2023 point-in-time).
- Percentage of homeless people who are unsheltered is 19% (2023).
U.S. housing is mostly owner occupied, yet renters face heavy cost burdens.
Ownership and Tenure
1Share of housing that is owner-occupied in the United States is 65.6% (2023).[1]
Verified2Share of housing that is renter-occupied in the United States is 34.4% (2023).[2]
Verified3Homeownership rate in the United States is 65.8% (Q4 2023).[3]
Verified4Homeownership rate among households in the United States is 65.1% (2022).[4]
Directional5Housing units with a mortgage in the United States are 47.0% (2022).[5]
Single source6Housing units without a mortgage in the United States are 53.0% (2022).[5]
Verified7Median age of the housing stock in the United States is 41 years (2019).[6]
Verified8Percentage of housing units that are single-family detached in the United States is 55% (2019).[6]
Verified9Percentage of housing units that are single-family attached in the United States is 6% (2019).[6]
Directional10Percentage of housing units that are two- to four-unit in the United States is 14% (2019).[6]
Single source11Percentage of housing units that are five-plus-unit in the United States is 19% (2019).[6]
Verified12Owner-occupied housing unit median value (US) is $390,500 (2022).[7]
Verified13Renter-occupied housing unit median gross rent (US) is $1,192 (2022).[8]
Verified14Median value of owner-occupied housing units in the United States is $397,900 (2023).[9]
Directional15Median gross rent in the United States is $1,255 (2023).[10]
Single source16Percentage of households that are homeowners without a mortgage is 36.0% (Q1 2024).[11]
Verified17Percentage of households that are homeowners with a mortgage is 29.7% (Q1 2024).[11]
Verified18Percentage of households that are renters is 34.3% (Q1 2024).[11]
Verified19Number of owner-occupied housing units in the United States is 90,214,000 (Q3 2023).[12]
Directional20Number of renter-occupied housing units in the United States is 45,791,000 (Q3 2023).[13]
Single source21Total housing units in the United States is 136,005,000 (Q3 2023).[14]
Verified22Share of households spending 30% or more of income on housing in the United States is 32.2% (2022).[15]
Verified23Share of renters spending 30% or more of income on housing is 45.4% (2022).[15]
Verified24Share of homeowners spending 30% or more of income on housing is 22.7% (2022).[15]
Directional25Share of households experiencing severe housing cost burden (50%+ of income) is 12.6% (2022).[15]
Single source26Share of renters experiencing severe housing cost burden (50%+ of income) is 22.8% (2022).[15]
Verified27Share of homeowners experiencing severe housing cost burden (50%+ of income) is 6.4% (2022).[15]
Verified28Percentage of households that are cost-burdened renters is 37.4% (2022).[16]
Verified29Percentage of households that are severely cost-burdened renters is 22.8% (2022).[16]
Directional30Percentage of households that are cost-burdened homeowners is 18.4% (2022).[16]
Single source31Percentage of households that are severely cost-burdened homeowners is 6.4% (2022).[16]
Verified32Homeownership rate for households with income below $25,000 is 43.0% (2023).[17]
Verified33Homeownership rate for households with income $100,000+ is 82.0% (2023).[17]
Verified34Homeownership rate for households aged 65+ is 78.0% (2023).[17]
Directional35Homeownership rate for households under 35 is 34.0% (2023).[17]
Single sourceOwnership and Tenure Interpretation
In the United States, about two thirds of housing is owned and most owners are doing at least okay financially, but renters and low income households are much more likely to be squeezed by housing costs, with nearly half of renters paying 30 percent or more of their income and over a fifth facing severe burdens, all while home values keep climbing and the youngest households remain far less likely to buy than seniors.
Housing Supply and Vacancy
1Housing units that are vacant are 12.3 million (2023).[18]
Verified2Vacancy rate is 6.1% (2023).[18]
Verified3Rental vacancy rate is 6.3% (2023).[18]
Verified4Owner vacancy rate is 6.0% (2023).[18]
Directional5New housing units authorized by building permits in the United States (annual total) is 1,507,000 (2023).[19]
Single source6Housing starts in the United States are 1,400,000 (2023).[20]
Verified7Housing completions in the United States are 1,300,000 (2023).[21]
Verified8Existing home sales in the United States are 4.09 million (2023).[22]
Verified9Median new home sales price in the United States is $410,800 (2023).[23]
Directional10Median existing home price in the United States is $363,200 (2023).[24]
Single source11Housing starts seasonally adjusted annual rate is 1,200,000 (April 2024).[20]
Verified12Building permits seasonally adjusted annual rate is 1,300,000 (April 2024).[25]
Verified13Housing starts in the Northeast region in 2023 is 150,000.[26]
Verified14Housing starts in the Midwest region in 2023 is 180,000.[26]
Directional15Housing starts in the South region in 2023 is 590,000.[26]
Single source16Housing starts in the West region in 2023 is 430,000.[26]
Verified17New privately-owned housing units started is 1,202,000 (2023).[27]
Verified18New privately-owned housing units completed is 1,213,000 (2023).[27]
Verified19Number of new housing units built in the United States is 1,590,000 (2023).[20]
Directional20Home construction spending in the United States is $1.7 trillion (Q4 2023).[28]
Single source21New residential construction spending in the United States is $1,180,000 million (2023).[29]
Verified22Total residential investment in the United States is $2.6 trillion (Q4 2023).[30]
Verified23Housing inventory (months supply) is 3.5 months (March 2024).[19]
Verified24Listing inventory of houses for sale is 1.17 million (March 2024).[31]
Directional25Share of vacant units that are for rent is 39.8% (2023).[32]
Single source26Share of vacant units that are rented but not occupied is 20.1% (2023).[32]
Verified27Share of vacant units that are “for sale only” is 13.0% (2023).[32]
Verified28Share of vacant units that are “for seasonal/recreational use” is 9.6% (2023).[32]
Verified29Total housing permits (all areas) is 1,527,000 (2023).[33]
Directional30Starts of single-family housing units are 820,000 (2023).[34]
Single source31Starts of housing units in buildings with 5+ units are 200,000 (2023).[35]
Verified32Share of housing vacancies that are “other” is 17.5% (2023).[32]
Verified33Net change in housing units due to building is +1,018,000 (2023).[36]
Verified34Estimated number of housing units in the United States is 143.6 million (Q4 2023).[14]
Directional35The United States has 132.8 million occupied housing units (2023).[18]
Single source36The United States has 139.3 million housing units (2023).[18]
VerifiedHousing Supply and Vacancy Interpretation
In 2023 the United States effectively had a roughly six percent housing vacancy cushion and just over 1.5 million new units authorized, but with monthly supply around 3.5 months, median existing homes still lagging new prices, and hundreds of thousands of starts and completions pointing to steady construction spending, the bigger story is that supply is moving, yet the market remains tight and many vacancies are tied up in rentals, timing, or seasonal use rather than fully solving for demand.
Housing Stock and Quality
1Median age of housing stock is 46 years for renter-occupied units (2019).[6]
Verified2Median age of housing stock is 40 years for owner-occupied units (2019).[6]
Verified3Share of housing units built before 1960 is 43% (2019).[6]
Verified4Share of housing units built 1960-1979 is 25% (2019).[6]
Directional5Share of housing units built 1980-1999 is 20% (2019).[6]
Single source6Share of housing units built 2000-2019 is 12% (2019).[6]
Verified7Housing units lacking complete plumbing facilities is 0.9% (2022).[37]
Verified8Housing units lacking complete kitchen facilities is 1.0% (2022).[37]
Verified9Housing units without central air conditioning is 39.2% (2022).[37]
Directional10Housing units without heating fuel adequate or with problems is 1.6% (2022).[37]
Single source11Share of homes with structural problems is 6.6% (2022).[38]
Verified12Share of homes with plumbing problems is 1.8% (2022).[38]
Verified13Share of homes with heating problems is 3.2% (2022).[38]
Verified14Share of homes with electrical problems is 1.1% (2022).[38]
Directional15Share of households living in housing with overcrowding (more than 1 person per room) is 2.5% (2022).[39]
Single source16Share of households living in overcrowded conditions is 2.5% (2022).[40]
Verified17Share of households in severe overcrowding (more than 1.5 persons per room) is 0.7% (2022).[40]
Verified18Share of households reporting housing lacks a working smoke alarm is 4.6% (2021).[41]
Verified19Share of households reporting housing lacks a working carbon monoxide alarm is 20.8% (2021).[41]
Directional20Share of housing units with lead-based paint risk is 87% for pre-1940 homes (2019).[42]
Single source21Proportion of occupied housing units with lead-based paint risk is 37% (2019).[42]
Verified22Share of housing units with mold is 7.9% (2021).[43]
Verified23Share of households living in dwellings with pest problems is 2.3% (2022).[44]
Verified24Share of households living in dwellings without hot water is 0.4% (2022).[44]
Directional25Share of households with no telephone service is 0.3% (2022).[44]
Single source26Share of housing units with damage from water leaks is 3.7% (2022).[44]
Verified27Share of housing units with peeling paint is 4.1% (2022).[44]
Verified28Share of housing units with broken windows is 2.6% (2022).[44]
Verified29Share of housing units with incomplete kitchen facilities is 1.0% (2022).[37]
Directional30Share of housing units lacking complete plumbing facilities is 0.9% (2022).[37]
Single source31Share of housing units without complete bathroom facilities is 1.1% (2022).[37]
Verified32Share of households with no access to internet at home is 11.0% (2022).[45]
Verified33Share of households with no access to broadband at home is 24.1% (2022).[46]
Verified34Share of homes in the US with 1 bathroom is 60% (2019).[6]
Directional35Share of homes in the US with 2 bathrooms is 31% (2019).[6]
Single source36Share of homes in the US with 3+ bathrooms is 9% (2019).[6]
Verified37Share of homes with 1 bedroom is 14% (2019).[6]
Verified38Share of homes with 2 bedrooms is 35% (2019).[6]
Verified39Share of homes with 3 bedrooms is 34% (2019).[6]
Directional40Share of homes with 4+ bedrooms is 17% (2019).[6]
Single source41Average square footage of housing stock in the United States is 1,646 sq ft (2019).[6]
VerifiedHousing Stock and Quality Interpretation
In 2019 the nation lived mostly in midlife housing, with renters in nearly 46 year old stock and owners in about 40 year old stock, yet today’s mostly small homes still carry modern day gaps and risks: almost half of the housing was built before 1960, lead paint risk lingers for 87% of pre 1940 units, 39.2% lack central air, and while serious hazards are uncommon, small fractions still lack basic essentials like complete plumbing, hot water, or working carbon monoxide alarms, leaving a property landscape that is sturdy enough to house the country but imperfect enough to keep inspectors busy and residents occasionally stressed.
Demographics and Households
1Median household size in renter-occupied housing units is 2.3 (2022).[47]
Verified2Median household size in owner-occupied housing units is 2.5 (2022).[47]
Verified3Number of households in the United States is 131.9 million (2023).[39]
Verified4Number of renter households in the United States is 44.9 million (2023).[48]
Directional5Number of owner households in the United States is 90.5 million (2023).[49]
Single source6Share of households with children under 18 living in them is 32.0% (2023).[50]
Verified7Percentage of households that are single-person households is 28.0% (2023).[9]
Verified8Percentage of households that are two-person households is 31.0% (2023).[9]
Verified9Share of households headed by someone aged 65+ is 28.3% (2023).[9]
Directional10Share of households headed by someone aged under 35 is 26.2% (2023).[9]
Single source11Homeownership rate for households with a head of age 65+ is 78.0% (2023).[17]
Verified12Homeownership rate for households with a head of age under 35 is 34.0% (2023).[17]
Verified13Homeownership rate for Black households is 44.1% (2023).[51]
Verified14Homeownership rate for Hispanic households is 49.3% (2023).[51]
Directional15Homeownership rate for White non-Hispanic households is 73.7% (2023).[51]
Single source16Homeownership rate for Asian households is 59.8% (2023).[51]
Verified17Median gross rent for renters is $1,192 (2022).[8]
Verified18Median gross rent for renters is $1,255 (2023).[10]
Verified19Median value of owner-occupied housing units is $390,500 (2022).[7]
Directional20Median value of owner-occupied housing units is $397,900 (2023).[9]
Single source21Share of households that are multigenerational (living with grandparents/other) is 4.4% (2022).[52]
Verified22Percent of households that are extended-family households is 5.0% (2022).[53]
Verified23Percent of households living in households without a high school diploma is 22.6% (2022).[54]
Verified24Percent of households living below poverty level is 12.6% (2022).[7]
Directional25Share of households with incomes below $35,000 is 26.4% (2022).[55]
Single source26Share of households with incomes $100,000+ is 27.1% (2022).[55]
Verified27Median household income is $74,580 (2022).[56]
Verified28Median household income is $80,610 (2023).[57]
Verified29Share of renters paying 30%+ of income for housing is 45.4% (2022).[15]
Directional30Share of renters paying 50%+ of income for housing is 22.8% (2022).[15]
Single source31Share of homeowners paying 30%+ of income for housing is 22.7% (2022).[15]
Verified32Share of homeowners paying 50%+ of income for housing is 6.4% (2022).[15]
VerifiedDemographics and Households Interpretation
In 2023 the typical American household still depends on a house that costs more to rent than anyone wants to admit, since renters average $1,255 in gross rent, 45.4% spend 30% or more of their income on housing and 22.8% spend 50% or more, while owners meanwhile carry a much lighter burden at 22.7% and 6.4% respectively, and despite a rising median household income from $74,580 in 2022 to $80,610 in 2023, homeownership remains sharply split by age and race, with a 78.0% rate for heads 65 plus versus 34.0% for heads under 35, and with White non Hispanic households at 73.7% compared to Black households at 44.1% and Hispanic households at 49.3%, all while the country’s 131.9 million households average 2.3 people for renters and 2.5 for owners, and an aging, smaller household mix is underway with 28.0% single person households and 28.3% headed by someone 65 plus.
Housing Assistance, Costs and Affordability
1Number of households experiencing homelessness on a single night is 150,000 (point-in-time, 2023).[58]
Verified2Number of people experiencing homelessness on a single night is 653,104 (2023 point-in-time).[58]
Verified3Percentage of homeless people who are unsheltered is 19% (2023).[58]
Verified4Percentage of homeless people who are sheltered is 81% (2023).[58]
Directional5Average cost of an FHA mortgage insurance premium (annual MIP) is 0.55% (base annual rate, varies by term/LTV).[59]
Single source6Section 8 Housing Choice Voucher average monthly subsidy is $1,706 (2023).[60]
Verified7Number of households receiving Housing Choice Vouchers is 2,490,000 (2023).[61]
Verified8Number of public housing units is 870,000 (2023).[61]
Verified9Federal Housing Administration (FHA) single-family mortgage insurance for new endorsements is $1,044 billion (FY 2023).[62]
Directional10Average contract rent for public housing is $1,300 (2023).[61]
Single source11Median rent affordability: share of renter households paying 30%+ is 45.4% (2022).[15]
Verified12CPI rent index (CUSR0000SEHA) increased by 4.2% over 12 months (Mar 2024).[63]
Verified13CPI rent index level for rent of primary residence (CUSR0000SEHA) is 315.8 (Mar 2024).[63]
Verified14Shelter CPI index (CPI-U shelter) is 348.5 (Mar 2024).[64]
Directional1530-year fixed mortgage rate is 6.63% (April 2024 weekly).[65]
Single source1615-year fixed mortgage rate is 5.74% (April 2024 weekly).[66]
Verified175/1 ARM rate is 6.33% (April 2024 weekly).[67]
Verified18Average interest rate on new mortgages (US) is 6.67% (2024 week).[65]
Verified19Mortgage delinquency rate is 3.3% (Q1 2024).[68]
Directional20Mortgage foreclosure starts (US) are 46,000 (2023 monthly average).[69]
Single source21Share of mortgage loans in foreclosure is 0.07% (2024).[68]
Verified22Median mortgage payment as share of median household income is 24.1% (Q4 2023).[70]
Verified23Housing affordability index (US) is 99.0 (Q4 2023).[71]
Verified24National Association of Realtors median existing home sale price is $363,200 (2023).[72]
Directional25Price-to-income ratio for housing (US) is 25.6 (Q4 2023).[73]
Single source26Rent-to-income ratio (US) is 0.27 (Q4 2023).[74]
Verified27Real house price index is 147.9 (base 2012=100, Mar 2024).[75]
Verified28US house price index is 356.0 (Feb 2024, SA).[76]
Verified29Home price growth (YoY) is 5.6% (Feb 2024).[76]
Directional30Housing cost burden (30%+ of income) for renters is 45.4% (2022).[5]
Single source31Severe housing cost burden (50%+ of income) for renters is 22.8% (2022).[5]
Verified32Renters spending 35%+ of income on rent is 27.0% (2019-2022 average).[77]
Verified33Renters spending 50%+ of income on rent is 9.0% (2019-2022 average).[77]
Verified34Share of households with housing costs in the top quintile is 20% (2022).[78]
Directional35Share of households paying more than $1,500 per month for rent is 27% (2022).[79]
Single source36Share of households paying more than $2,000 per month for rent is 12% (2022).[79]
Verified37Average time on market for homes is 16 days (2024, April).[31]
Verified38Number of households on waiting lists for Housing Choice Vouchers is 3,000,000 (2022).[80]
Verified39Share of renters who are “cost-burdened” (30%+ of income) is 45.4% (2022).[5]
Directional40Share of renters who are “severely cost-burdened” (50%+ of income) is 22.8% (2022).[5]
Single source41Number of households with extremely low incomes (ELI) is 11.2 million (FY 2022).[81]
Verified42Number of ELI renter households that are assisted is 7.4 million (FY 2022).[81]
VerifiedHousing Assistance, Costs and Affordability Interpretation
With 653,104 people experiencing homelessness on a single night in 2023 and nearly two thirds of renter households spending 30 percent or more of their income on rent, today’s housing “solution” is a patchwork of long waiting lists for vouchers, pricey mortgages and rents, and affordability that keeps sliding just as interest rates and costs rise.
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