Owning a home is significant for many people. It is a place that goes beyond a shelter.
It provides a sense of security and stability since it is a permanent place to build a family or settle down personally.
Having a home can bring peace of mind because it offers protection against uncertainties of rental situations.
Are you looking for a new home in the US or are you a real estate professional who wants to know how many homeowners in the US in 2024?
Just continue reading.
Key Statistics
- There were almost 83 million owner-occupied households in the US in Q4 2020.
- The percentage of homeownership in the US reached 66.0% in Q1 2023.
- In the first quarter of 2023, West Virginia has the highest homeownership rate in the US, accounting for nearly 78%.
- White people account for a homeownership rate of 74.4%.
- Older generations have the major portion of homeownership in the US since they have had more time to accumulate assets and wealth.
- In Q1 2023, the percentage vacancy in the US was 6.4% for rental and 0.8% for homeowner housing.
- The average sales price of newly constructed homes in the US reached $543,600 in 2022.
How Many Homeowners Are There in The US in 2024?
In Q4 2020, nearly 83 million owner-occupied households were in the country.
Homeowners increased by 2.1 million from the previous year.
The percentage of homeownership in the US grew in 2022, reaching the highest rate since 2011. The homeownership rate in the country reached 65.9% in Q4 2022.
According to the US Census Bureau, about 66% of people in the US live in their own homes in the first quarter of 2023.
Homeownership in the US
Homeownership in the US embodies stability and aspirations sought by many families and individuals in the country.
Owning a home signifies building a life and creating memories aside from a financial investment and security.
This is why many individuals in the US wanted to have their own homes.
List of Homeownership Rates in the US
Here is the list of homeownership rates in the US from 2016 to 2023:
- The homeownership rate in the US reached 63.7% in Q4 2016
- The homeownership rate in the US reached 64.2% in Q4 2017
- The homeownership rate in the US reached 64.8% in Q4 2018
- The homeownership rate in the US reached 65.1% in Q4 2019
- The homeownership rate in the US reached 65.8% in Q4 2020
- The homeownership rate in the US reached 65.5% in Q4 2021
- The homeownership rate in the US reached 65.9% in Q4 2022
- The homeownership rate in the US reached 66.0% in Q1 2023
What is a Homeowner?
A homeowner is a person or household that owns a property, particularly a house or apartment.
The occupants have legal ownership rights and possess the title of the property.
Homeowners maintain and customize their homes based on their preferences.
They also have financial benefits like building equity and gaining value on investment over time.
Owning a home involves responsibilities such as property taxes, insurance, mortgage payment, and maintenance.
What State in the US has the Highest Homeownership Rate?
As of Q1 2023, West Virginia has the highest homeownership rate in the US, accounting for nearly 78%, followed by Maine, with 77%.
Delaware comes next, with over 76%, and Wyoming, with 75%.
Here are some of the states in the US with the highest percentage of homeownership in Q1 2023:
- The percentage of homeownership in West Virginia in Q1 2023 was 77.9%
- The percentage of homeownership in Maine in Q1 2023 was 77.0%
- The percentage of homeownership in Delaware in Q1 2023 was 76.1%
- The percentage of homeownership in Wyoming in Q1 2023 was 75.0%
- The percentage of homeownership in New Hampshire in Q1 2023 was 74.3%
- The percentage of homeownership in Mississippi in Q1 2023 was 74.0%
- The percentage of homeownership in Minnesota in Q1 2023 was 73.4%
What are the Homeownership Rates in the US by Race
The homeownership rate among White people in the US reached 74.4% in Q1 2023, up from 74.1% in 2021. Comparatively, 45.8% of Black people in the country have their own homes in Q1 2023, up from 44.2% in 2021.
Let’s take a look at the homeownership rates in the US by race in Q1 2023:
- White people in the US account for a homeownership rate of 74.4%
- Asian, Native Hawaiian, and other Pacific Islanders in the US account for a homeownership rate of 61.6%
- Hispanic people in the US account for a homeownership rate of 49.7%
- Black people in the US account for a homeownership rate of 45.8%
Homeownership Rate by Age
Older generations have the highest rate of homeownership in the US since they have had more time to accumulate assets and wealth.
This age group had more years in the workforce or business industry, built equity, saved money, and established a stable financial foundation for homeownership.
Below are the homeownership rates by age of the US householders in Q1 2023:
- Under 35 years old – the homeownership rate of this age group in Q1 2023 was 39.3%
- 35 to 44 years old – the homeownership rate of this age group in Q1 2023 was 62.6%
- 45 to 54 years old – the homeownership rate of this age group in Q1 2023 was 70.1%
- 55 to 64 years old – the homeownership rate of this age group in Q1 2023 was 76.1%
- 65 years and older – the homeownership rate of this age group in Q1 2023 was 78.8%
Percentage of Homeowner Vacancy in the US
The percentage of homeowner vacancy refers to the portion of vacant homes for rent or sale.
A low percentage of homeowner vacancy indicates a tighter housing market with limited available homes.
In the first quarter of 2023, the percentage vacancy in the US was 6.4% for rental housing and 0.8% for homeowner housing.
Average Price of New Home in the US
The average sales price of newly constructed homes in the US continuously increase in 2021 and 2022.
The average sales price in 2022 reached $543,600, up from $464,200 in 2021 and $391,900 in 2020.
Conclusion
Homeownership goes beyond owning a property.
It offers financial benefits, a stable living situation, and a sense of belonging and emotional well-being.
Homeowners can customize their homes and create a space that reflects their needs and preferences.
The proportion of homeownership in the US in the first quarter of 2023 reached 66%.
That’s how many homeowners are there in the US in 2024. Thanks for reading our guide.