Homeownership is central to the American Dream and the primary wealth-building tool for most families. Here’s who owns, who rents, and why the gaps exist.
Quick answer: US homeownership rate: 65.6%. Highest: West Virginia (76%). Lowest: New York (51%). Age 65-74: 80%. Under 35: ~35%.
Homeownership Rate by State
| Rank | State | Homeownership Rate | Median Home Price | Median HH Income |
|---|---|---|---|---|
| 1 | West Virginia | 76.3% | $145,000 | $50,884 |
| 2 | Maine | 75.8% | $350,000 | $64,767 |
| 3 | Minnesota | 75.1% | $325,000 | $84,313 |
| 4 | New Hampshire | 74.8% | $425,000 | $88,465 |
| 5 | Michigan | 74.5% | $230,000 | $63,202 |
| 6 | Vermont | 74.2% | $350,000 | $67,674 |
| 7 | Iowa | 73.9% | $210,000 | $65,573 |
| 8 | Idaho | 73.5% | $425,000 | $65,988 |
| 9 | Indiana | 73.2% | $225,000 | $62,743 |
| 10 | Delaware | 72.8% | $350,000 | $72,724 |
| — | National Average | 65.6% | $420,000 | $75,149 |
| 42 | Texas | 63.5% | $310,000 | $73,035 |
| 43 | Massachusetts | 63.0% | $585,000 | $89,645 |
| 44 | Nevada | 62.0% | $420,000 | $66,274 |
| 45 | Oregon | 63.0% | $480,000 | $73,893 |
| 46 | Rhode Island | 62.5% | $420,000 | $71,169 |
| 47 | Hawaii | 61.0% | $850,000 | $84,857 |
| 48 | California | 55.8% | $750,000 | $84,907 |
| 49 | District of Columbia | 54.0% | $650,000 | $101,722 |
| 50 | New York | 51.4% | $420,000 | $75,910 |
Homeownership by Age
| Age Group | Homeownership Rate | Change Since 2005 |
|---|---|---|
| Under 25 | 23.5% | -3.0% |
| 25-29 | 32.0% | -5.5% |
| 30-34 | 48.5% | -4.0% |
| 35-44 | 62.0% | -3.5% |
| 45-54 | 71.5% | -2.0% |
| 55-64 | 76.0% | -1.5% |
| 65-74 | 80.5% | +0.5% |
| 75+ | 78.0% | +1.0% |
Younger adults have seen the biggest drops in homeownership. A 30-year-old today is far less likely to own than a 30-year-old in 2005.
Homeownership by Race
| Race/Ethnicity | Homeownership Rate | Median Home Equity | Gap vs. White |
|---|---|---|---|
| White (non-Hispanic) | 73.8% | $215,000 | Baseline |
| Asian | 63.0% | $285,000 | -10.8 points |
| Hispanic/Latino | 49.5% | $165,000 | -24.3 points |
| Black/African American | 44.7% | $130,000 | -29.1 points |
| Native American | 52.0% | $110,000 | -21.8 points |
The Black-White homeownership gap (29.1 points) is wider today than it was in 1960, when discriminatory lending was legal.
Homeownership by Income
| Household Income | Homeownership Rate | Can Afford Median Home? |
|---|---|---|
| Under $25,000 | 38% | No |
| $25,000-$49,999 | 52% | No |
| $50,000-$74,999 | 65% | Borderline |
| $75,000-$99,999 | 75% | In affordable markets |
| $100,000-$149,999 | 82% | Yes, most markets |
| $150,000+ | 88% | Yes, nearly all markets |
Historical Homeownership Trend
| Year | National Rate | Key Context |
|---|---|---|
| 1940 | 43.6% | Pre-FHA, pre-GI Bill |
| 1950 | 55.0% | Post-war GI Bill boom |
| 1960 | 61.9% | Suburban expansion |
| 1970 | 62.9% | Stable growth |
| 1980 | 64.4% | Inflation era |
| 1990 | 63.9% | Slight decline |
| 2000 | 67.4% | Clinton-era push for ownership |
| 2005 | 69.0% | Peak (pre-crisis) |
| 2010 | 66.9% | Post-crisis decline |
| 2016 | 63.4% | Post-crisis bottom |
| 2020 | 65.8% | Pandemic-era rebound |
| 2024 | 65.6% | Stable, affordability constrained |
Renters vs. Owners: By the Numbers
| Metric | Homeowners | Renters |
|---|---|---|
| Number of households | 86.3 million | 45.0 million |
| Median household income | $86,000 | $42,500 |
| Median net worth | $396,000 | $10,400 |
| Median age of head | 55 | 40 |
| Housing cost as % of income | 21% | 31% |
| Cost-burdened (>30% of income) | 21% | 49% |
| Severely burdened (>50% of income) | 7% | 24% |
The median homeowner has 38x the net worth of the median renter — driven primarily by home equity accumulation.
What Drives Homeownership Gaps
| Factor | Impact on Homeownership |
|---|---|
| Income inequality | Higher income → more likely to afford down payment + qualify |
| Student loan debt | Delays saving for down payment by 4-7 years |
| Discrimination history | Redlining effects persist in wealth gaps |
| Credit score differences | Lower scores → harder to qualify or higher rates |
| Housing costs vs. wages | Prices rising 3x faster than incomes since 2019 |
| Down payment barriers | Median down payment for first-time buyers: $26,000 |
| Zoning restrictions | Limit housing supply, especially affordable types |
| Generational wealth transfers | Family help with down payment strongly predicts ownership |
First-Time Buyers vs. Repeat Buyers
| Metric | First-Time Buyers | Repeat Buyers |
|---|---|---|
| Share of purchases | 26% (near record low) | 74% |
| Median age | 36 | 56 |
| Median household income | $97,000 | $115,000 |
| Median down payment | 8% ($33,600) | 19% ($79,800) |
| Source of down payment | 60% savings, 22% gift from family | 56% equity from prior home sale |
| Median home price purchased | $315,000 | $470,000 |