The homeownership rate was the highest among Americans in their early 70s and the lowest among people in their early 20s in 2023. In that year, approximately ** percent of individuals aged 70 to 75 resided in a residence they owned, compared to approximately **** percent among individuals under the age of 25. On average, **** percent of Americans lived in an owner-occupied home. The homeownership rate was the highest in 2004 but has since declined.

Approximately ** percent of Americans aged 26 to 34 who bought a home were first-home buyers, whereas ** percent of home buyers between 35 and 44 bought their first home in that year. Gen Z and Millennial first-time buyers It is no surprise that many Gen Z (18 to 24 years old) and Millennial (25 to 43 years old) home buyers are mostly first-time home buyers. These home buyers are in the early stages of their careers, or still studying in some cases, and often struggling to repay student debt, so they need to save for many years before they afford a down payment. When do they sell? These generations tend to stay in their first homes for several years, which means that the majority of home sellers are older than them. The share of income needed to afford a trade-up home is significantly lower than the money needed for a starter home. A trade-up home is a larger and more expensive home, which homeowners often buy after living in their starter home, or their first home, for several years. This progression generally happens when homeowners have climbed the career ladder and increased their incomes.

Graph and download economic data for Consumer Unit Characteristics: Percent Homeowner by Age: from Age 25 to 34 (CXUHOMEOWNLB0403M) from 1990 to 2023 about consumer unit, age, homeownership, 25 years +, percent, and USA.

The majority of the U.S. housing stock was between 42 and 51 years old as of 2021. According to the source, the median year was 1979, meaning that the median house age was 42 years. Housing construction in the U.S. plummeted between 2005 and 2010 and has since been slow to recover.

Graph and download economic data for Homeownership Rate in the United States (RHORUSQ156N) from Q1 1965 to Q1 2025 about homeownership, housing, rate, and USA.

In 2024, the median income range between of more than 200,000 U.S. dollars was the largest share of homebuyers in the United States that year. Among them, almost ** percent were between 26 and 59 years old. The income range between 100,000 and 124,999 U.S. dollars was the second one with the largest share of homebuyers in the United States that year. Among them, ** percent were between 18 and 34 years old.

The homeownership rate in the United States declined slightly in 2023 and remained stable in 2024. The U.S. homeownership rate was the highest in 2004 before the 2007-2009 recession hit and decimated the housing market. In 2024, the proportion of households occupied by owners stood at **** percent in 2024, *** percentage points below 2004 levels. Homeownership since the recession The rate of homeownership in the U.S. fell in the lead up to the recession and continued to do so until 2016. Despite this trend, the share of Americans who perceived homeownership as part of their personal American dream remained relatively stable. This suggests that the financial hardship caused by the recession led to the fall in homeownership, rather than a change in opinion about the importance of homeownership itself. What the future holds for homeownership Homeownership trends vary from generation to generation. Homeownership among Americans over 65 years old is declining, whereas most Millennial renters plan to buy a home in the near future. This suggests that homeownership will remain important in the future, as Millennials are forecast to head most households over the next two decades.

The homeowner vacancy rate in the United States reached its lowest value in 2022, followed by an uptick in 2023. The rate shows what share of owner-occupied housing units were vacant and for sale. That figure peaked in 2008, when nearly three percent of homes were vacant, and gradually fell below one percent after the 2020 housing boom. Homeownership is a form of living arrangement where the owner of the inhabited property, whether apartment, house, or type of real estate, lives on the premises. Due to usually high costs associated with owning a property and perceived advantages or disadvantages associated with such a long-term investment, homeownership rates differ greatly around the world, based on both cultural and economic factors. In Europe, Romania is the country with the highest rate of homeownership, while the lowest homeownership rate was observed in Switzerland. Homeownership attitude in the U.S. Individuals may have very different opportunities or inclination to become homeowners based on nationality, age, financial status, social status, occupation, marital status, education or even ethnicity and whether one is local-born or foreign-born. In 2023, the homeownership rate among older Americans was higher than for younger Americans. In the U.S., homeownership is generally believed to be a good investment, in terms of security (no risk of eviction) and financial aspect (owning a valuable real estate property). In 2023, there were approximately 86 million owner-occupied housing units, a stark increase compared to four decades prior. Why is homeownership sentiment low? The housing market has been suffering chronic undersupply, leading to a surge in prices and eroding affordability. In 2023, the housing affordability index plummeted, reflecting the growing challenge that homeowners face when looking for property. Insufficient income, savings, and high home prices are some of the major obstacles that come in the way of a property purchase. Though affordability varied widely across different metros, just about 15 percent of U.S. renters could afford to buy the median priced home in their area.

Following a period of stagnation over most of the 2010s, the number of owner occupied housing units in the United States started to grow in 2017. In 2023, there were over 86 million owner-occupied homes. Owner-occupied housing is where the person who owns a property – either outright or through a mortgage – also resides in the property. Excluded are therefore rental properties, employer-provided housing and social housing. Homeownership sentiment in the U.S. Though homeownership is still a cornerstone of the American dream, an increasing share of people see themselves as lifelong renters. Millennials have been notoriously late to enter the housing market, with one in four reporting that they would probably continue to always rent in the future, a 2022 survey found. In 2017, just five years before that, this share stood at about 13 percent. How many renter households are there? Renter households are roughly half as few as owner-occupied households in the U.S. In 2023, the number of renter occupied housing units amounted to almost 45 million. Climbing on the property ladder for renters is not always easy, as it requires prospective homebuyers to save up for a down payment and qualify for a mortgage. In many metros, the median household income is insufficient to qualify for the median-priced home.

These boundaries were developed by the Department of Planning based on 2020 Census data. Be aware that other organizations may use different neighborhood boundaries in their analyses.Demographics included are: race, ethnicity, gender, vacancy rate, homeowner status, family structure, and age.DATA DICTIONARY:

Field Name

Description

Name

Name of neighborhood statistical area

Population

Total population (P3)

White

White alone population (P3)

Blk_AfAm

Black or African American alone population (P3)

AmInd_AkNa

American Indian/Native Alaskan alone population (P3)

Asian

Asian alone population (P3)

NatHaw_Pac

Native Hawaiian and other Pacific Islander alone population (P3)

Other_Race

Some other race alone population (P3)

TwoOrMore

Two or more races population (P3)

Hisp_Lat

Hispanic or Latino population (P4)

Male

Male population (P12)

Female

Female population (P12)

Total_Units

Total housing units (H1)

Occ_Occupied

Occupied housing units (H3)

Occ_Vacant

Vacant housing units (H3)

Tenure_Owner

Owner-occupied units (H4)

Tenure_Renter

Renter-occupied units (H4)

Vacant_ForRent

Vacant units for rent (H5)

Vacant_ForSale

Vacant units for sale (H5)

Vacant_Other_All

All other vacant units (H5)

HH_Total

Total households (P16)

HH_Family

Total family households (P16)

HH_Married

Married couple family households (P16)

HH_OtherFamily

Other family households (P16)

HH_Male_NoSpouse

Male householder, no spouse present family household (P16)

HH_Female_NoSpouse

Female householder, no spouse present family household (P16)

HH_NonFamily

Total nonfamily households (P16)

HH_NonFamilyAlone

Householder living alone nonfamily households (P16)

HH_NonFamilyNotAlone

Householder not living alone nonfamily households (P16)

HH18_With18

Households with one or more people under 18 (P21)

HH18_FamilyWith18

Family households with one or more people under 18 (P21)

HH18_NonFamilyWith18

Nonfamily households with one or more people under 18 (P21)

HH18_No18

Households with no people under 18 (P21)

HH18_FamilyNo18

Family households with no people under 18 (P21)

HH18_NonFamilyNo18

Nonfamily households with no people under 18 (P21)

Age_U5

Population under 5 years (P12)

Age_5_9

Population age 5-9 (P12)

Age_10_14

Population age 10-14 (P12)

Age_15_17

Population age 15-17 (P12)

Age_18_21

Population age 18-21 (P12)

Age_22_24

Population age 22-24 (P12)

Age_25_29

Population age 25-29 (P12)

Age_30_34

Population age 30-34 (P12)

Age_35_39

Population age 35-39 (P12)

Age_40_44

Population age 40-44 (P12)

Age_45_49

Population age 45-49 (P12)

Age_50_54

Population age 50-54 (P12)

Age_55_59

Population age 55-59 (P12)

Age_60_64

Population age 60-64 (P12)

Age_65_69

Population age 65-69 (P12)

Age_70_74

Population age 70-74 (P12)

Age_75_79

Population age 75-79 (P12)

Age_80_84

Population age 80-84 (P12)

Age_85up

Population age 85 and up (P12)

Med_Age

Median age (P13)

Med_Age_Male

Median male age (P13)

Med_Age_Female

Median female age (P13)

To leave feedback or ask a question about this dataset, please fill out the following form: Neighborhood Statistical Area (NSA) Boundaries feedback form.

Graph and download economic data for Households; Owners' Equity in Real Estate, Level (OEHRENWBSHNO) from Q4 1945 to Q1 2025 about net worth, balance sheet, nonprofit organizations, equity, real estate, Net, households, and USA.

Homeowners insurance premiums in the United States have increased in cost over the past two decades and reached a peak in 2024. The average premiums for homeowners insurance increased from ***** U.S. dollars in 2007 to ***** U.S. dollars in 2024.

In the presented European countries, the homeownership rate extended from 42 percent in Switzerland to as much as 96 percent in Albania. Countries with more mature rental markets, such as France, Germany, the UK and Switzerland, tended to have a lower homeownership rate compared to the frontier countries, such as Lithuania or Slovakia. The share of house owners among the population of all 27 European countries has remained relatively stable over the past few years. Average cost of housing Countries with lower homeownership rates tend to have higher house prices. In 2023, the average transaction price for a house was notably higher in Western and Northern Europe than in Eastern and Southern Europe. In Austria - one of the most expensive European countries to buy a new dwelling in - the average price was three times higher than in Greece. Looking at house price growth, however, the most expensive markets recorded slower house price growth compared to the mid-priced markets. Housing supply With population numbers rising across Europe, the need for affordable housing continues. In 2023, European countries completed between one and six housing units per 1,000 citizens, with Ireland, Poland, and Denmark responsible heading the ranking. One of the major challenges for supplying the market with more affordable homes is the rising construction costs. In 2021 and 2022, housing construction costs escalated dramatically due to soaring inflation, which has had a significant effect on new supply.