2024 Homeownership Rates in the U.S. by State and City

Last updated on March 20, 2024. 

Table of Contents
    Add a header to begin generating the table of contents

    The United States homeownership rate represents the percentage of occupied housing units where the resident is also the owner. A constantly evolving figure, the United States homeownership rate currently rests at 65.2%, while renter-occupied housing units make up 34.8% of the national stock.

    Economic factors, wage evolution, increasing home prices, lifestyle choices and generational preferences are all significant contributors to the changing landscape of housing.  

    Considering the abundance of factors that impact the U.S. rate of homeownership, it has dipped and grown throughout the years: 

    The U.S. has a homeownership rate of 65.2%. 

    The U.S. has a renter-occupied housing rate of 34.8%

    Homeownership stats can vary significantly from state to state, influenced by domestic migration trends, population density, stock, as well the economies, education opportunities and lifestyle trends of specific states. Drilling down to an even more detailed background, figures also noticeably vary when it comes to homeownership rates by city, with many of the most vibrant large urban centers experiencing declining homeownership stats. 

    Analyzing homeownership percentages in the U.S., coastal and southern states have seen a sharper decline compared to landlocked states over the past years, especially in states like New York or California, where the local population tends to be concentrated into urban centers. Conversely, states with lower population densities and home prices averaging below the national median tend to have higher homeownership rates.  

    Get a clear overview of homeownership rates by state by exploring the table below. See the percentage of owner-occupied and renter-occupied housing in each state: 

    The state with the lowest rate of homeownership rate is New York with 54.1%.

    However, Washington, D.C. has the lowest rate of homeownership of all U.S. states and territories at just 41%.

    The state with the highest rate of homeownership is West Virginia with 74.5%.

    For a quick overview of the U.S. homeownership percentage at the state level – and also including Washington, D.C. and Puerto Rico – explore the interactive map below. Hover over or zoom in on each state or territory to quickly see the percentage of owner-occupied housing and the percentage of renter-occupied housing.

    Homeownership rates by city can widely vary even when located in close geographic proximity, depending on a wealth of factors from economic, employment and education opportunities to population density and migration, home prices and development pipelines among many others.

    To get an idea of homeownership rates in the 100 largest cities in the U.S., explore the data below to see where your city lands.

    The city with the lowest rate of homeownership is Newark, NJ at 29.6%.

    The city with the highest rate of homeownership is Port St. Lucie, FL at 84.6%.

    A wealth of factors influences the percentage of homeownership in the U.S., and at the state and city level, beyond the economy and home price trends. Education and employment opportunities, the climate; safety; population density; domestic migration trends; available housing stock; residential development pipeline; and generational preferences all influence the U.S. homeownership percentage.

    Homeownership by age and generation

    It’s expected that the percentage of homeowners will increase by age and that older, more financially established generations would have higher homeownership rates than young adults just entering the job market.

    Specifically, Baby Boomers make up the largest percentage of homeowners by generation and age, representing about two-thirds of owners. At the same time, only a third of Millennials are owners, despite making up the bulk of would-be homebuyers, held back by rent costs, supply shortages – especially when it comes to starter homes – as well as disparities between wage growth trends and housing price increases.

    Homeownership rate and home pricing

    Population density and domestic migration trends are also major influencers of homeownership rates by state. Major influencers of noticeably lower homeownership rates in densely populated cities are high demand that often outpaces supply, higher land and development costs, and higher rent expenses, all of which contribute to higher home prices and lower homeownership rates.

    Homeownership rate and property taxes

    One factor that does not directly influence the U.S. homeownership percentage is property tax rates. Although some states with low property taxes do have a significantly higher rate of homeownership than those with high levels of taxation, there is no clear correlation between a state's level of property taxation and its homeownership rates.

    For example, West Virginia features one of the lowest property tax rates in the U.S. at 0.55%, as well as the highest rate of homeownership of any state, with 74.5% of its residential real estate being owner-occupied. Alternatively, Vermont's 1.78% average rate is the fifth highest effective property tax rate in the U.S., but the state still has the fourth-highest homeownership rate in the country with 73.7% of its housing owner-occupied.

    State-to-state migration — also referred to as domestic migration — is an important driver of changing demographics within the U.S. Education and employment opportunities are two of the biggest factors for domestic migration, followed by urbanization, proximity to family, home prices, climate, lifestyle preferences and more. The overall tax environment and a state's social safety services, as well as its incentives, also contribute to state-to-state migration.

    Explore the table below for a quick overview of each state's total population, population inflow and outflow, and overall net migration.

    Among the main drivers of homeownership rates by state are available inventory levels and the new home construction supply pipeline: tight inventories and supply pipelines generally limit homeownership rates, especially for first-time buyers looking for starter homes.

    Although most non-institutional homeowners will occupy their home as a primary residence, some homeowners rent their properties out for an additional source of income. Additionally, some owners possess multiple properties that they use only sporadically or not at all. As a result, homes can be categorized as owner-occupied and owner-vacant.

    Explore the table below for additional insights on the percentage of homeownership in the U.S. and details on occupancy rates:

    The state with the lowest rate of owner-vacant homes is New Hampshire at 0.3%.

    The state with the highest rate of owner-vacant homes is North Dakota at 1.3%.

    However, Washington, D.C. has the highest rate of owner-vacant homes of all U.S. states, regions and territories at 1.6%.

    Data concerning the state median home value, the median household income, occupied housing units, owner-occupied housing units, renter-occupied housing units, domestic migration, as well as population inflow and population outflow was extracted from the U.S. Census Bureau's American Community Survey 1-Year Estimates, released in September 2023. Data concerning Washington, D.C. and the Commonwealth of Puerto Rico was extracted from the same sources.

    Information regarding owner-vacant housing has been sourced from the U.S. Census Bureau's Housing Vacancies and Homeownership coverage.

    Information on homeownership rates by age was extracted from the U.S. Census Bureau’s March 2024 Current Population Survey/Housing Vacancy Survey.

    New construction starts data was extracted from the U.S. Census Bureau’s January 2024 Building Permits Survey. The data is preliminary and could be subject to change.

    The percentage of owner-occupied housing units has been calculated dividing the number of owner-occupied housing units by the number of occupied housing units in each state. The percentage of renter-occupied housing units has been calculated by dividing the number of renter-occupied housing units by the number of occupied housing units in each state.

    Inflow has been defined as the number of people that have moved to one specific state from the rest of the U.S. Outflow has been defined as the number of people that have moved from one specific state to the rest of the U.S. Net migration has been calculated by determining the difference between population inflow and outflow in each state.

    We encourage and freely grant permission to reuse and repost information, analysis, charts, tables, and images included on this page. When doing so, we only ask that you link back to this page or PropertyShark.com as the official source. 

    Information, statistics and analysis provided by PropertyShark have been covered by thousands of news outlets and publications that rely on PropertyShark for accurate and reliable real estate data, including The New York Times, Bloomberg, The Wall Street Journal, Forbes and The Real Deal. 



    Information provided on this page is purely informational and is not, and should not be regarded as, investment advice.