Homeownership is growing, U.S. Census survey shows
Poverty rates decreased in 45 states, the District of Columbia and Puerto Rico compared with 2014-2018.
The number of owner-occupied housing units increased by 8.4%, rising from 76.4 million in 2014-2018 to 82.9 million in 2019-2023, the U.S. Census Bureau reported.
The 2019-2023 American Community Survey 5-Year Estimate (ACS) shows that more people owned homes than rented in 3,070 of the nation’s 3,144 counties and county equivalents (including Puerto Rico) during this period.
Median home values increased 21.7% between the 2014-2018 ACS and the 2019-2023 ACS, going from $249,400 to $303,400 (estimates from 2014-2018 were adjusted for inflation).
The gain in both homeownership and home values came with a rise in the number of owner-occupied households without a mortgage, which was up by 3.9 million units, from 36.9% of owned homes in the 2014-2018 ACS compared to 38.8% in the 2019-2023 ACS. The data showed that 61.2% of owned homes had a mortgage.
Additional 2019-2023 ACS survey highlights:
- There were no counties where the median homeowner costs, as a percentage of income, was greater than 30%, whereas in more than 200 counties, the median gross rent as a percentage of income was greater than 30%.
- Households that spent more than 30% of their income toward housing costs are considered “cost burdened” by the Department of Housing and Urban Development (HUD).
- Although the overall share of households that rented decreased, the number of rented units rose by more than a million units (43.3 million to 44.6 million).
The ACS also provides data about income, poverty and other demographics. Median household income for the 2019-2023 ACS was $78,538, up 7% from the previous five-year period. The U.S. poverty rate for the 2019-2023 period was 12.4%, down from 14.1% in 2014-2018. Poverty rates declined in 45 states, the District of Columbia and Puerto Rico compared with 2014-2018.
Homeownership rates in the U.S. and other countries
The homeownership rate in the U.S. has increased over the years. From 1890 to 1940, it fluctuated between 43% and 48%, and by 1965 it had reached 62.9%. In the following decades it oscillated between 63.5% and 68.6% before peaking at 69.2% in 2004, according to the U.S. Census, FRED, HUD User and USA Facts.
As of the second quarter of 2024, the U.S. homeownership rate was 65.6%.
According to the World Population Review, Laos has the highest homeownership rate in the world with 95% of residential buildings owned by the occupants.
In the European Union, 69% of the population lives in a household owning their home, while the remaining 31% lives in rented housing, Eurostat reported.
Romania leads the top 10 in the EU with a homeownership rate of 95%, followed by Slovakia (93%), Croatia (91%), Hungary (90%), Lithuania (89%), Poland (87%), Bulgaria (85%), Latvia (83%), Malta (83%) and Estonia (82%).
In Asia, China has the highest homeownership rate (93%) after Laos, followed by Vietnam (90%), Singapore (88%), India (87%) and Nepal (86%).
The 10 countries with the lowest homeownership rates are Denmark (59%), Turkey (58%), South Korea (57%), Japan (55%), Austria (51%), Germany (49%), Switzerland (42%), United Arab Emirates (28%), Nigeria (25%) and Hong Kong (22%), according to World Population Review 2024 data.
