Owning a home is the American dream—so how is that dream working out for Americans in 2019? The US Census Bureau has some interesting statistics that reveal what’s going on in the United States in terms of homeownership statistics and changes from 2018.
Changes from 2018
Comparing the third quarter of 2018 to the third quarter of 2019, homeownership percentage rates have gone up slightly, though statistically, the change is not meaningful.
For the US overall, homeownership rates increased from 64.4% to 64.8%. Homeownership rates are highest in the Midwest at 69% and lowest in the West at 60.6%. In the South, homeownership is at 66.2%, in the Northeast 61.7%. These statistics are similar to 2018 and also represent no statistically significant change from a decade ago.
Homeowner vacancy rates for this same period have gone down from 1.6% in 2018 to 1.4% in 2018. That’s not a big jump, but it is quite a change from 2008, when third-quarter homeowner vacancy rates were at 2.8%. Homeowner vacancy rates in the suburbs are 0.3% lower than vacancy rates in metropolitan statistical areas. In principle cities, the homeowner vacancy rate is at 1.5% compared to 1.4% in the suburbs.
Homeownership Statistics and Demographics
When homeownership rates are considered by age, it’s clear which age group is most likely to own their own home and which are likely to be renting. In the third quarter of 2019, adults between 70 and 74 years of age had the highest homeownership rate at 80%. People under 25 years of age had the lowest rates at 24.3%.
Compared to 2018, however, homeownership rates among those 65 and older went up only slightly, from 78.6% to 78.9%. The biggest jump in homeownership rates from 2018 to 2019 was among those under 35 years old and the 35 to 44-year-old range. Both of these demographic groups saw a jump of 0.8% in homeownership rates.
Family and Ethnic Background
Detailed homeownership statistics based on household status are not yet available for 2019, but in 2018, married-couple families made up 80.8% of all homeowners. Statistics based on race have not changed greatly in the last decade, with 69.2% of homeowners white, 42.1% black, and 55.6% of all other races.
Among households with a family income at or above the median national family income, homeownership rates are at 78.5%. Among those making less than the median family income, homeownership rates are at 50.9% as of the third quarter of 2019.
Homeownership Statistics: Properties
Size in Rooms
When considering the types of properties that are for sale, 86.4% of for-sale properties are one-unit structures, and the greatest percentage of the structures for sale, 29.7%, have seven or more rooms. Only 6.8% have one bedroom or less, while more than 70% have three or more bedrooms.
Previously Occupied vs. New
94% of these one-unit structures have been previously occupied.
Owned vs. Rental
Owner-occupied housing in the third quarter of 2019 accounted for 56.9% of all housing units, with renter-occupied units accounting for only 30.9%. 1% of the units were temporarily occupied by people whose usual residence was elsewhere, while 2.9% were vacant for miscellaneous reasons, and 1.6% were vacant because they are only used occasionally by the homeowner.
More Stats and Information
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