Real estate lending and housing affordability are being pulled in opposite directions right now, with 30-year mortgage rates averaging 7.09% for the week ending June 13, 2024 while rents are still climbing at 5.5% year over year in Q1 2024. At the same time, the U.S. housing system is under pressure from bigger balances and tighter credit, including about $1.7 trillion in outstanding mortgage debt and widespread reports of tighter commercial mortgage standards. The result is a market where the biggest swings show up in the details, from transaction volume to cost burdens for renters.
Key Takeaways
- US homeownership rate was 65.5% in 2023
- Real estate and rental and leasing accounted for 7.2% of U.S. GDP in 2023 (BEA, current-dollar GDP share)
- Mortgage rates averaged 7.09% (30-year fixed-rate) in the week ending June 13, 2024
- $1.7 trillion in mortgage debt was outstanding in the U.S. at Q4 2023
- Commercial property insurance costs increased by 21% from 2020 to 2023 in the U.S. (Aon market report)
- In 2023, 58% of U.S. commercial mortgage lenders reported credit standards were tighter than in the previous quarter (SLOOS)
- About $1.3 trillion of U.S. CRE debt was scheduled to mature in 2025 (MBA analysis compiled by MBA using Trepp data)
- Single-family homes made up 66% of all U.S. residential sales by units in 2023 (NAR/REALTOR data on housing types)
- In 2023, U.S. real estate investment trusts (REITs) total market capitalization was $2.8 trillion (Nareit)
- U.S. REITs paid out $116.1 billion in dividends in 2023 (Nareit)
- 63% of renters reported difficulty covering housing costs in 2023 (JCHS, Affordable Housing America 2023)
- U.S. first-time homebuyers were 30% of purchases in 2023 (Nielsen/industry analysis summarized by trade press)
- Rents in the U.S. increased 5.5% year-over-year in Q1 2024 (Apartment List rent index release)
- In 2023, the U.S. share of mortgages originated by non-bank lenders was 48% by dollar volume (MBA estimate)
In 2023 and early 2024, homeownership dipped slightly while mortgage debt rose, rents climbed, and CRE markets tightened.
Related reading
01 · Category
Property And Space5 stats
01
US homeownership rate was 65.5% in 2023https://www.census.gov/housing/hvs/data/histtabs.html
02
Real estate and rental and leasing accounted for 7.2% of U.S. GDP in 2023 (BEA, current-dollar GDP share)https://apps.bea.gov/iTable/?reqid=19&step=2&isuri=1&categories=underlying
03
Mortgage rates averaged 7.09% (30-year fixed-rate) in the week ending June 13, 2024https://www.freddiemac.com/pmms/
04
U.S. average asking rent for apartments was $1,901in April 2024 (CoStar/RealPage per market data aggregation used by Apartments.com)https://www.apartmentlist.com/research/national-rent-data
05
U.S. retail vacancy rate was 6.0% in Q1 2024 (CBRE Econometric Advisors)https://www.cbre.com/insights/figures-and-insights/us-real-estate-marketview
Interpretation
Property And Space Interpretation
In 2023, property and space remained a major part of the economy, with real estate and rental and leasing at 7.2% of U.S. GDP, while affordability signals were mixed as mortgage rates averaged 7.09% in mid 2024 and average apartment asking rent hit $1,901 in April.
02 · Category
Market Size1 stats
01
$1.7 trillion in mortgage debt was outstanding in the U.S. at Q4 2023https://www.federalreserve.gov/releases/g19/current/
Interpretation
Market Size Interpretation
As of Q4 2023, the U.S. held $1.7 trillion in outstanding mortgage debt, underscoring the sheer market size of the real estate lending ecosystem.
03 · Category
Risk And Financing7 stats
01
Commercial property insurance costs increased by 21% from 2020 to 2023 in the U.S. (Aon market report)https://www.aon.com/en/insights/thought-leadership/2023-commercial-property-catastrophe-aggregation-report
02
In 2023, 58% of U.S. commercial mortgage lenders reported credit standards were tighter than in the previous quarter (SLOOS)https://www.federalreserve.gov/data/sloos.htm
03
About $1.3 trillion of U.S. CRE debt was scheduled to mature in 2025 (MBA analysis compiled by MBA using Trepp data)https://www.mba.org/news-and-research/newsroom/news/2024/02/27/mortgage-bankers-association-mba-release-q4-2023-commercial-mortgage-debt-and-delinquency-statistics
04
The Fed estimates real estate-related loan and lease balances at about $10.7 trillion in 2023 for domestic banks (commercial banks)https://www.federalreserve.gov/releases/h8/
05
In 2023, commercial real estate loan spreads over Treasuries widened by about 0.50 percentage points (MBA/industry commentary referencing market spread levels)https://www.mba.org/news-and-research/newsroom/news/2024/03/07/mba-exec-summary--commercial-real-estate
06
Mortgage origination volume in the U.S. was about $2.4 trillion in 2023 (origination data reported by MBA)https://www.mba.org/news-and-research/research-and-economics/mortgage-originations
07
In 2023, 27% of renter households faced severe housing cost burden (spending 50%+ of income on rent) in the U.S.https://www.huduser.gov/portal/datasets/il/il23/part1/sec2.html
Interpretation
Risk And Financing Interpretation
From 2020 to 2023, U.S. commercial property insurance costs rose 21% and, by 2023, 58% of lenders reported tighter credit standards while about $1.3 trillion of CRE debt is set to mature in 2025, signaling rising financing risk even as real estate lending balances remain large at roughly $10.7 trillion for domestic banks.
04 · Category
Industry Trends7 stats
01
Single-family homes made up 66% of all U.S. residential sales by units in 2023 (NAR/REALTOR data on housing types)https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
02
In 2023, U.S. real estate investment trusts (REITs) total market capitalization was $2.8 trillion (Nareit)https://www.reit.com/research/reit-primer
03
U.S. REITs paid out $116.1 billion in dividends in 2023 (Nareit)https://www.reit.com/research/reit-dividend-trends
04
Real estate-related crowdfunding volumes reached $2.1 billion globally in 2023 (compilation by industry source Cambridge Centre for Alternative Finance)https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/
05
U.S. housing starts increased by 4.9% year over year in April 2024 (SAAR, Census/BLS series)https://fred.stlouisfed.org/series/HOUST
06
U.S. commercial real estate transaction volume was $257 billion in 2023 (Green Street / Real Capital Analytics compiled by trade press)https://www.rcanalytics.com/insights/2024/2023-commercial-real-estate-market-review/
07
U.S. commercial real estate transaction volume was $430 billion in 2022 (Real Capital Analytics market review)https://www.rcanalytics.com/insights/2023/2022-us-commercial-real-estate-market/
Interpretation
Industry Trends Interpretation
Across the Real Estate Market’s industry trends, single-family homes accounted for 66% of U.S. residential sales in 2023 while commercial transactions stayed large at $257 billion in 2023, reflecting a market where demand remains anchored in homes even as institutional and capital activity continues at significant levels.
More related reading
05 · Category
Affordability2 stats
01
63% of renters reported difficulty covering housing costs in 2023 (JCHS, Affordable Housing America 2023)https://www.jchs.harvard.edu/research/affordable-housing-america-2023
02
U.S. first-time homebuyers were 30% of purchases in 2023 (Nielsen/industry analysis summarized by trade press)https://www.redfin.com/news/housing-market-update/
Interpretation
Affordability Interpretation
In 2023, affordability pressures were clear as 63% of renters struggled to cover housing costs and first-time homebuyers made up only 30% of purchases, showing that getting and staying housed remains a major challenge.
06 · Category
Rental Market1 stats
01
Rents in the U.S. increased 5.5% year-over-year in Q1 2024 (Apartment List rent index release)https://www.apartmentlist.com/research/national-rent-report
Interpretation
Rental Market Interpretation
In the U.S. rental market, rents rose 5.5% year over year in Q1 2024, signaling clear continued upward pressure on apartment costs.
07 · Category
Market Finance1 stats
01
In 2023, the U.S. share of mortgages originated by non-bank lenders was 48% by dollar volume (MBA estimate)https://www.mba.org/news-and-research/press-releases/2024/2023-mortgage-lending-report
Interpretation
Market Finance Interpretation
In 2023, non-bank lenders accounted for 48% of mortgage origination by dollar volume in the U.S., underscoring how market finance is increasingly shaped by non-bank financing channels.
Reference
Cite This Report
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APA
Elif Demirci. (2026, February 13). Real Estate Market Statistics. Gitnux. https://gitnux.org/real-estate-market-statistics
MLA
Elif Demirci. "Real Estate Market Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/real-estate-market-statistics.
Chicago
Elif Demirci. 2026. "Real Estate Market Statistics." Gitnux. https://gitnux.org/real-estate-market-statistics.
Sources & references
24 datasets cited across this report
+8 additional datasets cited (not shown individually)