U.S. homeownership rate 2022 | Statista (2024)

FAQs

U.S. homeownership rate 2022 | Statista? ›

The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.

64% of Americans own real estate. 35% of the American population does not own their own homes. Homeownership rates have increased to nearly 65% in the US since the 1940s.

While the U.S. homeownership rate increased to 65.5% in 2021, the rate among Black Americans lags significantly (44%), has only increased 0.4% in the last 10 years and is nearly 29 percentage points less than White Americans (72.7%), representing the largest Black-White homeownership rate gap in a decade.

That's one of the key takeaways in a new UC Berkeley research paper which chronicles the state's continued decline in homeownership among all age groups, especially younger adults. The state's homeownership rate for people aged 25 to 75 dropped to 43.5% in 2021, down from nearly 50% in 2000, the paper found.

Yet no-mortgage owners in California are only 33% of all homeowners – and only four places have a smaller share: D.C. at 24%, Maryland at 28% and Colorado and Utah at 30%.

By definition, millennials are folks born between 1981 and 1996, says the Apartment List survey drafted by Rob Warnock, senior research associate. “Today, the median millennial is a homeowner,” said Warnock in the report, “with the latest millennial homeownership rate standing at 51.5 percent.”

(According to the Pew Research Center, about 36 percent of American households rented, rather than owned, their homes in 2019, the last year that reliable data was available from the Census Bureau.) Moody's first started tracking the metric in 1999, when the typical rent-to-income ratio was 22.5 percent.

How Many Homes in the U.S. are Second Homes? Through our analysis we found that there are at least 2.64 million second homes in the U.S. that are for seasonal, recreational, or occasional use. How many homes are there in the United States?

According to Census Bureau data, over 38 percent of owner-occupied housing units are owned free and clear. For homeowners under age 65, the share of paid-off homes is 26.4 percent.

Do most Americans own homes or rent? ›

Homeowner vs.

In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old. A whopping 64% of millennials who own homes regret their purchase of a home.

Topline. California's 55.3% average homeownership rate in 2022 was the state's best since 2011 – but only Washington, D.C., at 42% and New York at 54% were lower. The highest ownership rates in 2022 were found in West Virginia at 79%, then Wyoming at 75%, Minnesota at 75%, Maine at 75% and Delaware at 75%.

Nearly 40% Of Homes In The U.S. Are Free And Clear Of A Mortgage.

Only about 7 million of California's roughly 40 million residents own their homes, the lowest rate of home ownership in the United States, according to a new study. The study, conducted by Ruby Home Luxury Real Estate, analyzed U.S. Census data to determine the rate of home ownership across the country.

Among racial demographics, White Americans had the country's highest home-ownership rate, while African Americans had the lowest home-ownership rate. One study shows that home-ownership rates appear correlated with higher school attainment.

In fact, the average person will own at least three houses in their lifetime. Living in one place for most of your life may or may not be your goal, but if it is, there are things you must do as a homeowner to ensure your home lasts as long as you'd like it to.

While the average age borrowers expect to pay off their mortgage is 59, the number of survey participants who have no idea when they will pay it off at all stood at 16%. In 2019, 9% of those asked didn't know and in 2020, 11% gave this answer.

Fewer than one quarter of American households live debt-free.

It's generally always good to get rid of debt. Plus, with no mortgage, you get a guaranteed, risk-free return. Just make sure you consider the downsides. Aside from losing motivation, you also tie up capital in an illiquid asset when you pay your mortgage off early.

In 2022, the average age of first-time homebuyers was 36, according to the National Association of Realtors (NAR). This is up from 33 in 2021.

Can Gen Z afford houses? ›

The majority of Gen Z (79.8%) believe they can only afford a home that costs less than $200,000. Only 6.9% of Gen Zers believe they can afford a home over $500,000 in their desired timeframe. These discrepancies in home price affordability truly depend on the state, city and area one may be looking to buy.

WASHINGTON (March 28, 2023) – The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors®.

A LendingTree analysis of U.S. Census Bureau Household Pulse Survey data found that more than eight million U.S. adults live in a household not caught up on rent payments. While millions of people are behind on their rent, about 3.6 million adults are living in households not being charged rent.

What is the average rent in the U.S.? The average rent for an apartment in the U.S. is $1,702. The cost of rent varies depending on several factors, including location, size, and quality.

The average U.S. renter now spends 30% of their income on rent, a new all-time high.

Often, a bank owns the home they live in — most of it, anyway. Still, Americans have a lot of real money tied up in their homes — on average, $150,506, according to a new report by the Urban Institute called “How Much House Do Americans Really own? Measuring America's Accessible Housing Wealth by Geography and Age.”

Almost 30% of 25-year-olds own their own homes, a higher percentage than their parents at the same age.

According to data reported by the PEW Trust and originally gathered by CoreLogic, as of 2022, investment companies own about one fourth of all single-family homes. Last year, investor purchases accounted for 22% of American homes sold. This is significantly down from the 80% number in 2020-2021, why is this?

The average mortgage term is 30 years, but that doesn't mean you have to get a 30-year loan – or take 30 years to pay it off. While it offers a relatively low monthly payment, this term will likely require you to pay the most in total interest if you keep it for 30 years.

With rapid price appreciation between 2020 and 2022, we estimate that approximately 1.2 million California households are now home-equity millionaires. Who are these house-rich Californians? Most have paid off their mortgages.

How many Americans own their home free and clear? ›

The country with the highest free-and-clear homeownership rate in the list above was Lithuania at 83%. In the U.S., the free-and-clear homeownership rate was 23%.

The number of millionaire renters has tripled in the past five years. More and more millionaires are stepping on the everyman's corner and renting apartments rather than putting down roots and money to become homeowners.

“A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.” Along with these wealth gains, homeowners also saw their debt drop by 21% over the last decade, the report shows.

One big disparity among renters is race and ethnicity. Nationwide, about 58% of households headed by Black or African American adults rent their homes, as do nearly 52% of Hispanic- or Latino-led households, according to Pew Research Center's analysis of census data.

Mississippi is the state with the lowest cost of living in the US, with a cost of living index of 85. This means that the cost of living in Mississippi is 15% lower than the national average. The state has a low cost of housing, groceries, and utilities.

The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country ...

Banks are the most common type of mortgage lender. National banks are likely to offer a complete suite of financial products, including several types of home loans that meet a variety of borrowing and investment needs.

It's typically smarter to pay down your mortgage as much as possible at the very beginning of the loan to save yourself from paying more interest later. If you're somewhere near the later years of your mortgage, it may be more valuable to put your money into retirement accounts or other investments.

Key findings:

4% of people are behind on their mortgage payments.

Which racial group has the lowest rates of homeownership? ›

However, the racial homeownership gap is most striking for Black households. At just 41.7 percent, Black households have the lowest homeownership rate nationally—30.0 percentage points lower than white households.

Californians for Homeownership is a 501(c)(3) non-profit organization that works to address California's housing crisis by enforcing these laws and fighting unlawful policies that limit access to housing affordable for families at all income levels.

1. EMMERSON FAMILY. The nation's largest private landowners, California's Emmerson family, are a prime example of this trend. Through their Sierra Pacific Industries, the Emmersons increased their landholdings by more than 100 square miles to over 2.4 million acres.

The 2022 Land Report 100, compiled each year by The Land Report magazine, released its annual list of landowners who own the most acres in the United States. The nation's largest private landowners are the Emmerson family in California who own over 2.4 million acres.

The company can build equity.

If the company has borrowed money to purchase the house, it can build equity over time, essentially increasing the percentage of the home it owns outright and can then borrow against later on.

In 2021, the average square footage of a single-family home fell to 2,273 square feet. Now let's learn more about why American homes are so big, the drawbacks of having more square footage and what home buyers should consider when it comes to home size.

Top Home Ownership Statistics In America: 65.8% of Americans own a home as of 2022. Some 74 million Americans, or about 27%, live in a condo or HOA property.

The millennial homeownership rate hit 51.5% in 2022, US Census data show. It's been a slog to get there for the generation that came of age during the financial crisis — by age 30, 42% of millennials owned their homes compared to 48% of Gen X and more than half of baby boomers.

While Gen Z is ahead of their parents' generation, Millennials are still tracking behind—62% of 40-year-old Millennials owned a home in 2022 compared with the 69% homeownership rate for Baby Boomers at that age.

How many total US homes sold in 2022? ›

In fact, the average person will own at least three houses in their lifetime. Living in one place for most of your life may or may not be your goal, but if it is, there are things you must do as a homeowner to ensure your home lasts as long as you'd like it to.

Baby Boomers make up the largest portion of the homeowner population at 32.1 million owners, and account for 9.1 million renters in the U.S. More than 18 million Millennials own their homes, and 17.2 million are renters.

Millennials are more racially and ethnically diverse than Baby Boomers, with larger proportions of Black, Hispanic, Asian, and Other racial categories. In 1980, 79% of Baby Boomers were White compared to 57% of Millennials in 2015.

Homeownership rates double between the ages of 25 and 29, and 70 and older are the most likely to be homeowners. The average homeowner is 56 years old. 23.4% of homeowners are between 55 and 64 years old.

According to our research, millennials are the most educated generation in American history. Approximately 38 percent of millennials have a bachelor's degree or higher, compared with 32 percent of Generation X and 15 percent of baby boomers when they were the same age.

Caballero has been the top-ranked real estate agent by REAL Trends for both total sales and number of transactions since 2013. Between 2004 and 2019, Caballero sold 36,827 new homes totaling $13.141 billion in volume.

Realtor Tells Us How He Sold a Record-Setting 3,556 Homes in One Year. The Guinness World Records recognizes all kinds of superlatives, from the largest pizza (13,580.28 square feet) to the fastest hovercraft (85.38 mph).

According to data reported by the PEW Trust and originally gathered by CoreLogic, as of 2022, investment companies own about one fourth of all single-family homes. Last year, investor purchases accounted for 22% of American homes sold. This is significantly down from the 80% number in 2020-2021, why is this?

How many homes are there in the United States? There are more than 110 million residences in the United States, including both households and vacant homes, which means that 2.39% of all residences in the United States are used solely as second homes.

What is the average lifetime of a U.S. house? ›

The average life span of a house in the United States is about 50-70 years. Houses can last for decades if they are well-maintained and have been constructed with quality materials. A poorly built home may not last more than 20 years.