Report Highlights. Homeownership rates among states have seen long-term and short-term declines, significantly among Coastal and Southern states.
- The homeownership rate has declined in 90% of states over the last 15 years.
- West Virginia has the highest homeownership rate nationwide at 78.8%.
- New York has the lowest homeownership rate among states at 54.0%.
- Washington, D.C.’s homeownership rate is 40.4%.
- The national average homeownership rate is 65.6%.
Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY
Homeownership Among States
In some states, homeownership rates are low because renting is popular. In other cases, however, states with low rates of homeownership also have high rental vacancy, which may indicate depopulation.
- Arkansas has seen the greatest long-term decline in homeownership rate, which decreases 0.62% annually on a 15-year scale.
- Homeownership rates in California, Colorado, Oregon, and Washington decline more than 0.60% annually on a 15-year scale.
- The District of Columbia saw the greatest Year-over-Year (YoY) decline in 2020’s fourth fiscal quarter; among states, Iowa and Rhode Island had the greatest rate decline.
- Missouri and Wisconsin had the greatest increase in the rate of homeownership.
- West Virginia easily has the highest rate of homeownership on long-term and short-term scales.
- The District of Columbia and the State of New York have the lowest rates of homeownership.
State | 1st Quarter 2021 | %Change Since 2005 |
---|---|---|
Alabama | 72.5% | -5.0% |
Alaska | 63.9% | -4.1% |
Arizona | 64.5% | -8.1% |
Arkansas | 63.7% | -9.9% |
California | 63.7% | -9.3% |
Colorado | 63.6% | -9.3% |
Connecticut | 66.1% | -8.4% |
Delaware | 72.7% | -4.1% |
D.C. | 40.4% | -8.2% |
Florida | 68.1% | -5.9% |
Georgia | 65.6% | -6.4% |
Hawaii | 60.2% | +2.4% |
Idaho | 70.2% | -2.2% |
Illinois | 67.8% | -4.4% |
Indiana | 74.7% | -0.4% |
Iowa | 70.4% | -4.0% |
Kansas | 68.9% | +0.7% |
Kentucky | 69.8% | -2.6% |
Louisiana | 70.1% | -4.1% |
Maine | 62.3% | +2.0% |
Maryland | 69.6% | -2.2% |
Massachusetts | 62.3% | -1.7% |
Michigan | 72.2% | -5.7% |
Minnesota | 73.4% | -2.9% |
Mississippi | 71.2% | -8.4% |
Missouri | 71.6% | +0.3% |
Montana | 68.3% | -0.4% |
Nebraska | 67.4% | -1.7% |
Nevada | 58.3% | -8.6% |
New Hampshire | 76.1% | +1.9% |
New Jersey | 65.2% | -7.0% |
New Mexico | 70.8% | -1.3% |
New York | 54.0% | -3.6% |
North Carolina | 66.3% | -7.4% |
North Dakota | 61.8% | -8.0% |
Ohio | 67.9% | -7.5% |
Oklahoma | 68.4% | -5.4% |
Oregon | 63.7% | -9.1% |
Pennsylvania | 71.3% | -3.3% |
Rhode Island | 62.9% | -1.4% |
South Carolina | 71.3% | -2.3% |
South Dakota | 71.8% | +3.8% |
Tennessee | 67.6% | -5.8% |
Texas | 64.8% | -1.8% |
Utah | 72.2% | -1.1% |
Vermont | 73.1% | -2.3% |
Virginia | 66.5% | -8.7% |
Washington | 62.4% | -9.8% |
West Virginia | 78.8% | -1.4% |
Wisconsin | 70.1% | -0.4% |
Wyoming | 71.1% | -4.0% |
Alabama
Homeownership in Alabama is above the national average but is on the decline; vacancy rates are high.
- The homeownership rate was 72.5% in the first fiscal quarter of 2021.
- That’s 10.5% above the national average.
- Between 2019 and 2020, homeownership declined 1.89%.
- The 15-year (2005-2020) average homeownership rate is 72.1%.
- Homeownership is currently 0.6% higher than the 15-year average rate.
- Since 2005, homeownership has declined 5.0%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 12.3%; that’s 40% above the national average.
Alaska
Alaska’s homeownership rate is below the national average and in decline; vacancy rates are low.
- The homeownership rate was 63.9% in the first fiscal quarter of 2021.
- That’s 2.6% below the national average.
- Between 2019 and 2020, homeownership increased 3.40%.
- The 15-year (2005-2020) average homeownership rate is 64.4%.
- Homeownership is currently 0.8% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 4.1%.
- The homeowner vacancy rate is 0.8%; that’s 11% below the national average.
- The rental vacancy rate is 6.1%; that’s 16% below the national average.
Arizona
Arizona’s homeownership rate is a little below average and in decline; vacancy rates are low.
- The homeownership rate was 64.5% in the first fiscal quarter of 2021.
- That’s 1.7% below the national average.
- Between 2019 and 2020, homeownership decreased 3.7%.
- The 15-year (2005-2020) average homeownership rate is 66.4%.
- Homeownership is currently 2.8% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.1%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 5.2%; that’s 24% below the national average.
Arkansas
Homeownership in Arkansas is below average and in significant decline, with the largest long-term decline nationwide.
- The homeownership rate was 63.7% in the first fiscal quarter of 2021.
- That’s 2.9% below the national average.
- Between 2019 and 2020, homeownership decreased 2.7%.
- The 15-year (2005-2020) average homeownership rate is 67.7%.
- Homeownership is currently 6.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 9.9%.
- The homeowner vacancy rate is 1.5%; that’s 67% above the national average.
- The rental vacancy rate is 7.0%; that’s 3% above the national average.
California
Homeownership in California is well below the national average and declining as apartment rentals are popular.
- The homeownership rate was 54.5% in the first fiscal quarter of 2021.
- That’s 16.9% below the national average.
- Between 2019 and 2020, homeownership decreased 1.98%.
- The 15-year (2005-2020) average homeownership rate is 55.9%.
- Homeownership is currently 2.5% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 9.3%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 4.8%; that’s 29% below the national average.
Colorado
The homeownership rate is below average and on a significant decline.
- The homeownership rate was 63.6% in the first fiscal quarter of 2021.
- That’s 3.0% below the national average.
- Between 2019 and 2020, homeownership remained steady.
- The 15-year (2005-2020) average homeownership rate is 66.0%.
- Homeownership is currently 3.7% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 9.3%.
- The homeowner vacancy rate is 1.4%; that’s 56% above the national average.
- The rental vacancy rate is 5.0%; that’s 26% below the national average.
Connecticut
While the homeownership rate is a little above average, homeownership is in decline.
- The homeownership rate was 66.1% in the first fiscal quarter of 2021.
- That’s 0.8% above the national average.
- Between 2019 and 2020, homeownership decreased 1.49%.
- The 15-year (2005-2020) average homeownership rate is 68.2%.
- Homeownership is currently 3.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.4%.
- The homeowner vacancy rate is 1.1%; that’s 22% above the national average.
- The rental vacancy rate is 6.1%; that’s 10% below the national average.
Delaware
Though the homeownership rate has declined in recent years, it remains significantly higher than the national average homeownership rate.
- The homeownership rate was 72.7% in the first fiscal quarter of 2021.
- That’s 10.8% above the national average.
- Between 2019 and 2020, homeownership decreased 2.55%.
- The 15-year (2005-2020) average homeownership rate is 74.5%.
- Homeownership is currently 2.4% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 4.1%.
- The homeowner vacancy rate is 0.8%; that’s 11% below the national average.
- The rental vacancy rate is 3.0%; that’s 56% below the national average.
District of Columbia
With the lowest rate of homeownership in the nation, vacancies are on the rise.
- The homeownership rate was 40.4% in the first fiscal quarter of 2021.
- That’s 38.4% below the national average.
- Between 2019 and 2020, homeownership decreased 6.70%.
- The 15-year (2005-2020) average homeownership rate is 43.8%.
- Homeownership is currently 7.7% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.2%.
- The homeowner vacancy rate is 1.4%; that’s 56% above the national average.
- The rental vacancy rate is 10.5%; that’s 54% above the national average.
Florida
While the homeownership rate is above the national average, the vacancy rate is also above average and growing.
- The homeownership rate was 68.1% in the first fiscal quarter of 2021.
- That’s 3.8% above the national average.
- Between 2019 and 2020, homeownership increased 1.64%.
- The 15-year (2005-2020) average homeownership rate is 67.9%.
- Homeownership is currently 0.3% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 5.9%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 7.4%; that’s 9% above the national average.
Georgia
On par with the national average, homeownership in Georgia has decreased in recent years.
- The homeownership rate was 65.6% in the first fiscal quarter of 2021.
- That’s equal to the national average.
- Between 2019 and 2020, homeownership decreased 0.76%.
- The 15-year (2005-2020) average homeownership rate is 65.7%.
- Homeownership is currently 0.2% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 6.4%.
- The homeowner vacancy rate is 1.3%; that’s 44% above the national average.
- The rental vacancy rate is 6.3%; that’s 7% below the national average.
Hawaii
While homeownership has increased since 2005, the homeownership rate is well below the national average, and vacancy rates are very high.
- The homeownership rate was 60.2% in the first fiscal quarter of 2021.
- That’s 8.2% below the national average.
- Between 2019 and 2020, homeownership increased 2.5%.
- The 15-year (2005-2020) average homeownership rate is 58.5%.
- Homeownership is currently 2.8% higher than the 15-year average rate.
- Since 2005, homeownership has increased 2.4%.
- The homeowner vacancy rate is 1.3%; that’s 44% above the national average.
- The rental vacancy rate is 9.7%; that’s 43% above the national average.
Idaho
Idaho has a healthy rate of homeownership – high and steady. Vacancy rates are very low.
- The homeownership rate was 70.2% in the first fiscal quarter of 2021.
- That’s 7.0% above the national average.
- Between 2019 and 2020, homeownership increased 2.33%.
- The 15-year (2005-2020) average homeownership rate is 71.7%.
- Homeownership is currently 2.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 2.2%.
- The homeowner vacancy rate is 0.4%; that’s 56% below the national average.
- The rental vacancy rate is 5.2%; that’s 24% below the national average.
Illinois
The rate of homeownership is fairly steady with a high rate of vacancy.
- The homeownership rate was 67.8% in the first fiscal quarter of 2021.
- That’s 3.4% above the national average.
- Between 2019 and 2020, homeownership decreased 2.02%.
- The 15-year (2005-2020) average homeownership rate is 67.6%.
- Homeownership is currently 0.4% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 4.4%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 7.9%; that’s 16% above the national average.
Indiana
Homeownership is very attainable and much more popular than rental housing.
- The homeownership rate was 74.7% in the first fiscal quarter of 2021.
- That’s 13.9% above the national average.
- Between 2019 and 2020, homeownership decreased 0.4%.
- The 15-year (2005-2020) average homeownership rate is 71.1%.
- Homeownership is currently 5.0% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 0.4%.
- The homeowner vacancy rate is 1.0%; that’s 11% above the national average.
- The rental vacancy rate is 9.9%; that’s 46% above the national average.
Iowa
While homeownership is above the national average, the rate of homeowners is in decline with vacancy rates on the rise.
- The homeownership rate was 70.4% in the first fiscal quarter of 2021.
- That’s 7.3% above the national average.
- Between 2019 and 2020, homeownership decreased 6.13%.
- The 15-year (2005-2020) average homeownership rate is 71.1%.
- Homeownership is currently 1.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 4.0%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 8.1%; that’s 19% above the national average.
Kansas
Homeownership is above average though vacancy rates are rather high.
- The homeownership rate was 68.9% in the first fiscal quarter of 2021.
- That’s 5.0% above the national average.
- Between 2019 and 2020, homeownership increased 0.29%.
- The 15-year (2005-2020) average homeownership rate is 67.5%.
- Homeownership is currently 2.1% higher than the 15-year average rate.
- Since 2005, homeownership has increased 0.7%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 13.0%; that’s 91% above the national average.
Kentucky
Kentucky’s homeownership rate appears relatively stable in both the long-term and the short-term.
- The homeownership rate was 69.8% in the first fiscal quarter of 2021.
- That’s 6.4% above the national average.
- Between 2019 and 2020, homeownership decreased 1.27%.
- The 15-year (2005-2020) average homeownership rate is 69.7%.
- Homeownership is currently 0.1% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 2.6%.
- The homeowner vacancy rate is 1.1%; that’s 22% above the national average.
- The rental vacancy rate is 6.2%; that’s 9% below the national average.
Louisiana
Homeownership is well above the national average despite being in long-term decline.
- The homeownership rate was 70.1% in the first fiscal quarter of 2021.
- That’s 6.9% above the national average.
- Between 2019 and 2020, homeownership increased 1.01%.
- The 15-year (2005-2020) average homeownership rate is 68.7%.
- Homeownership is currently 2.0% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 4.1%.
- The homeowner vacancy rate is 1.3%; that’s 44% above the national average.
- The rental vacancy rate is 9.4%; that’s 38% above the national average.
Maine
Maine has one of the highest rates of homeownership in the nation and very low vacancy rates.
- The homeownership rate was 75.3% in the first fiscal quarter of 2021.
- That’s 14.8% above the national average.
- Between 2019 and 2020, homeownership decreased 1.31%.
- The 15-year (2005-2020) average homeownership rate is 73.8%.
- Homeownership is currently 2.0% higher than the 15-year average rate.
- Since 2005, homeownership has increased 2.0%.
- The homeowner vacancy rate is 0.2%; that’s 78% below the national average.
- The rental vacancy rate is 5.4%; that’s 21% below the national average.
Maryland
Homeownership rates appear healthy and stable.
- The homeownership rate was 69.6% in the first fiscal quarter of 2021.
- That’s 6.1% above the national average.
- Between 2019 and 2020, homeownership decreased 1.97%.
- The 15-year (2005-2020) average homeownership rate is 68.7%.
- Homeownership is currently 1.3% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 2.2%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 4.7%; that’s 31% below the national average.
Massachusetts
Homeownership appears less popular than renting.
- The homeownership rate was 62.3% in the first fiscal quarter of 2021.
- That’s 5.0% below the national average.
- Between 2019 and 2020, homeownership increased 1.80%.
- The 15-year (2005-2020) average homeownership rate is 63.3%.
- Homeownership is currently 1.6% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 1.7%.
- The homeowner vacancy rate is 0.4%; that’s 56% below the national average.
- The rental vacancy rate is 6.6%; that’s 3% below the national average.
Michigan
Though in decline, the rate of homeownership is well above the national average.
- The homeownership rate was 72.2% in the first fiscal quarter of 2021.
- That’s 10.1% above the national average.
- Between 2019 and 2020, homeownership decreased 1.5%.
- The 15-year (2005-2020) average homeownership rate is 74.5%.
- Homeownership is currently 3.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 5.7%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 6.9%; that’s 1% above the national average.
Minnesota
Homeownership is more popular than rental housing.
- The homeownership rate was 73.4% in the first fiscal quarter of 2021.
- That’s 11.9% above the national average.
- Between 2019 and 2020, homeownership decreased 1.34%.
- The 15-year (2005-2020) average homeownership rate is 72.4%.
- Homeownership is currently 1.3% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 2.9%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 7.5%; that’s 10% above the national average.
Mississippi
Homeownership is in major decline though it remains higher than the national average rate.
- The homeownership rate was 71.2% in the first fiscal quarter of 2021.
- That’s 8.5% above the national average.
- Between 2019 and 2020, homeownership decreased 1.52%.
- The 15-year (2005-2020) average homeownership rate is 74.2%.
- Homeownership is currently 4.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.4%.
- The homeowner vacancy rate is 2.3%; that’s 156% above the national average.
- The rental vacancy rate is 6.7%; that’s 1% below the national average.
Missouri
Missouri residents are fast vacating rentals and becoming homeowners.
- The homeownership rate was 71.6% in the first fiscal quarter of 2021.
- That’s 9.1% above the national average.
- Between 2019 and 2020, homeownership increased 5.60%.
- The 15-year (2005-2020) average homeownership rate is 70.5%.
- Homeownership is currently 1.6% higher than the 15-year average rate.
- Since 2005, homeownership has increased 0.3%.
- The homeowner vacancy rate is 0.7%; that’s 22% below the national average.
- The rental vacancy rate is 9.2%; that’s 35% above the national average.
Montana
Homeownership and vacancy rates are stable in the long-term and short-term.
- The homeownership rate was 68.3% in the first fiscal quarter of 2021.
- That’s 4.1% above the national average.
- Between 2019 and 2020, homeownership increased 0.15%.
- The 15-year (2005-2020) average homeownership rate is 68.4%.
- Homeownership is currently 0.1% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 0.4%.
- The homeowner vacancy rate is 0.7%; that’s 38% below the national average.
- The rental vacancy rate is 4.2%; that’s 38% below the national average.
Nebraska
Homeownership is in decline though Nebraska still has a higher rate than the national average.
- The homeownership rate was 67.4% in the first fiscal quarter of 2021.
- That’s 2.9% above the national average.
- Between 2019 and 2020, homeownership decreased 2.60%.
- The 15-year (2005-2020) average homeownership rate is 68.0%.
- Homeownership is currently 0.8% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 1.7%.
- The homeowner vacancy rate is 0.6%; that’s % below the national average.
- The rental vacancy rate is 5.2%; that’s 24% below the national average.
Nevada
More Nevada residents appear to favor rental housing over homeownership.
- The homeownership rate was 58.3% in the first fiscal quarter of 2021.
- That’s 11.1% below the national average.
- Between 2019 and 2020, homeownership decreased 1.52%.
- The 15-year (2005-2020) average homeownership rate is 59.1%.
- Homeownership is currently 1.3% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.6%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 3.1%; that’s 54% below the national average.
New Hampshire
With one of the highest rates of homeownership nationwide, home buying has been on the rise over the long-term.
- The homeownership rate was 76.1% in the first fiscal quarter of 2021.
- That’s 16.0% above the national average.
- Between 2019 and 2020, homeownership remained the same.
- The 15-year (2005-2020) average homeownership rate is 73.7%.
- Homeownership is currently 3.3% higher than the 15-year average rate.
- Since 2005, homeownership has increased 1.9%.
- The homeowner vacancy rate is 0.4%; that’s 56% below the national average.
- The rental vacancy rate is 4.7%; that’s 31% below the national average.
New Jersey
While homeownership is slightly below average, vacancy rates are also low.
- The homeownership rate was 65.2% in the first fiscal quarter of 2021.
- That’s 0.6% below the national average.
- Between 2019 and 2020, homeownership increased 1.4%.
- The 15-year (2005-2020) average homeownership rate is 65.8%.
- Homeownership is currently 1.0% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 7.0%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 5.4%; that’s 21% below the national average.
New Mexico
More residents appear to be leaving rentals in order to purchase homes.
- The homeownership rate was 70.8% in the first fiscal quarter of 2021.
- That’s 7.9% below the national average.
- Between 2019 and 2020, homeownership increased 4.27%.
- The 15-year (2005-2020) average homeownership rate is 69.2%.
- Homeownership is currently 2.4% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 1.3%.
- The homeowner vacancy rate is 0.5%; that’s 44% below the national average.
- The rental vacancy rate is 9.2%; that’s 35% above the national average.
New York
While the homeownership rate is one of the nation’s lowest, the market appears stable.
- The homeownership rate was 54.0% in the first fiscal quarter of 2021.
- That’s 17.7% below the national average.
- Between 2019 and 2020, homeownership increased 0.93%.
- The 15-year (2005-2020) average homeownership rate is 53.6%.
- Homeownership is currently 0.7% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 3.6%.
- The homeowner vacancy rate is 0.7%; that’s 22% below the national average.
- The rental vacancy rate is 7.4%; that’s 9% above the national average.
North Carolina
Rental housing appears to be more popular among residents than homeownership.
- The homeownership rate was 66.3% in the first fiscal quarter of 2021.
- That’s 10.7% above the national average.
- Between 2019 and 2020, homeownership increased 0.15%.
- The 15-year (2005-2020) average homeownership rate is 67.2%.
- Homeownership is currently 1.3% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 7.4%.
- The homeowner vacancy rate is 1.0%; that’s 11% above the national average.
- The rental vacancy rate is 5.5%; that’s 19% below the national average.
North Dakota
Homeownership is in decline while the rental vacancy rate is more than double the national average.
- The homeownership rate was 61.8% in the first fiscal quarter of 2021.
- That’s 5.8% below the national average.
- Between 2019 and 2020, homeownership decreased 3.29%.
- The 15-year (2005-2020) average homeownership rate is 64.4%.
- Homeownership is currently 4.1% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.0%.
- The homeowner vacancy rate is 1.2%; that’s 33% above the national average.
- The rental vacancy rate is 15.0%; that’s 121% above the national average.
Ohio
Ohio’s homeownership rate is above average but appears to be in steady decline.
- The homeownership rate was 67.9% in the first fiscal quarter of 2021.
- That’s 3.5% above the national average.
- Between 2019 and 2020, homeownership decreased 2.16%.
- The 15-year (2005-2020) average homeownership rate is 69.2%.
- Homeownership is currently 1.9% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 7.5%.
- The homeowner vacancy rate is 0.5%; that’s 44% below the national average.
- The rental vacancy rate is 7.5%; that’s 10% above the national average.
Oklahoma
Homeownership and vacancy rates in Oklahoma are about average. Housing market trends appear stable.
- The homeownership rate was 68.4% in the first fiscal quarter of 2021.
- That’s 4.3% above the national average.
- Between 2019 and 2020, homeownership increased 0.88%.
- The 15-year (2005-2020) average homeownership rate is 69.7%.
- Homeownership is currently 1.8% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 5.4%.
- The homeowner vacancy rate is 1.0%; that’s 11% above the national average.
- The rental vacancy rate is 7.9%; that’s 16% above the national average.
Oregon
Homeownership is in decline as residents appear to favor rental housing.
- The homeownership rate was 63.7% in the first fiscal quarter of 2021.
- That’s 2.9% below the national average.
- Between 2019 and 2020, homeownership increased 0.16%.
- The 15-year (2005-2020) average homeownership rate is 64.5%.
- Homeownership is currently 1.3% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 9.1%.
- The homeowner vacancy rate is 0.4%; that’s 56% below the national average.
- The rental vacancy rate is 4.1%; that’s 40% below the national average.
Pennsylvania
Homeownership rates are stable while rental housing appears to be less popular.
- The homeownership rate was 71.3% in the first fiscal quarter of 2021.
- That’s 5.7% above the national average.
- Between 2019 and 2020, homeownership increased 1.13%.
- The 15-year (2005-2020) average homeownership rate is 71.0%.
- Homeownership is currently 0.4% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 3.3%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 7.6%; that’s 12% above the national average.
Rhode Island
Rhode Island appears to have a housing shortage though homeownership may be decreasing in popularity.
- The homeownership rate was 62.9% in the first fiscal quarter of 2021.
- That’s 4.1% below the national average.
- Between 2019 and 2020, homeownership decreased 6.12%.
- The 15-year (2005-2020) average homeownership rate is 62.1%.
- Homeownership is currently 1.3% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 1.4%.
- The homeowner vacancy rate is 0.4%; that’s 56% below the national average.
- The rental vacancy rate is 2.6%; that’s 62% below the national average.
South Carolina
Residents appear to favor homeownership over rental housing.
- The homeownership rate was 71.3% in the first fiscal quarter of 2021.
- That’s 8.7% above the national average.
- Between 2019 and 2020, homeownership decreased 1.79%.
- The 15-year (2005-2020) average homeownership rate is 71.9%.
- Homeownership is currently 0.9% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 3.1%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 10.2%; that’s 50% above the national average.
South Dakota
Homeownership in South Dakota is very attainable.
- The homeownership rate was 71.8% in the first fiscal quarter of 2021.
- That’s 9.5% above the national average.
- Between 2019 and 2020, homeownership decreased 0.69%.
- The 15-year (2005-2020) average homeownership rate is 69.6%.
- Homeownership is currently 3.2% higher than the 15-year average rate.
- Since 2005, homeownership has increased 3.8%.
- The homeowner vacancy rate is 0.6%; that’s 33% below the national average.
- The rental vacancy rate is 8.9%; that’s 31% above the national average.
Tennessee
While homeownership is attainable, rental housing may be gaining popularity.
- The homeownership rate was 67.6% in the first fiscal quarter of 2021.
- That’s 3.0% above the national average.
- Between 2019 and 2020, homeownership decreased 0.44%.
- The 15-year (2005-2020) average homeownership rate is 69.1%.
- Homeownership is currently 2.1% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 5.8%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 6.4%; that’s 6% below the national average.
Texas
The rate of homeownership appears both average and stable.
- The homeownership rate was 64.8% in the first fiscal quarter of 2021.
- That’s 1.2% below the national average.
- Between 2019 and 2020, homeownership increased 0.31%.
- The 15-year (2005-2020) average homeownership rate is 64.0%.
- Homeownership is currently 1.2% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 1.8%.
- The homeowner vacancy rate is 0.9%; that’s equal to the national average.
- The rental vacancy rate is 9.5%; that’s 40% above the national average.
Utah
Homeownership is very attainable in Utah, and the housing market appears stable over the long-term.
- The homeownership rate was 72.2% in the first fiscal quarter of 2021.
- That’s 10.1% above the national average.
- Between 2019 and 2020, homeownership increased 4.34%.
- The 15-year (2005-2020) average homeownership rate is 72.3%.
- Homeownership is currently 0.2% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 1.1%.
- The homeowner vacancy rate is 0.8%; that’s 11% below the national average.
- The rental vacancy rate is 4.2%; that’s 38% below the national average.
Vermont
Vermont has one of the highest rates of homeownership in the nation as well as one of the highest rental vacancy rates.
- The homeownership rate was 73.1% in the first fiscal quarter of 2021.
- That’s 11.4% above the national average.
- Between 2019 and 2020, homeownership increased 0.14%.
- The 15-year (2005-2020) average homeownership rate is 73.1%.
- Homeownership is currently equal to the 15-year average rate.
- Since 2005, homeownership has decreased 2.3%.
- The homeowner vacancy rate is 0.5%; that’s 44% below the national average.
- The rental vacancy rate is 1.8%; that’s 74% below the national average.
Virginia
While the homeownership rate is above average, homeownership in the state is on a long-term and significant downturn.
- The homeownership rate was 66.5% in the first fiscal quarter of 2021.
- That’s 1.4% above the national average.
- Between 2019 and 2020, homeownership decreased 3.62%.
- The 15-year (2005-2020) average homeownership rate is 69.0%.
- Homeownership is currently 3.7% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 8.7%.
- The homeowner vacancy rate is 0.7%; that’s 22% below the national average.
- The rental vacancy rate is 4.9%; that’s 28% below the national average.
Washington
In keeping with West Coast trends, homeownership in Washington is in major decline and less popular than rental housing.
- The homeownership rate was 62.4% in the first fiscal quarter of 2021.
- That’s 4.9% below the national average.
- Between 2019 and 2020, homeownership decreased 0.32%.
- The 15-year (2005-2020) average homeownership rate is 64.2%.
- Homeownership is currently 2.7% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 9.8%.
- The homeowner vacancy rate is 0.8%; that’s 11% below the national average.
- The rental vacancy rate is 4.1%; that’s 40% below the national average.
West Virginia
West Virginia residents are more likely to own their own home than residents of any other state.
- The homeownership rate was 78.8% in the first fiscal quarter of 2021.
- That’s 20.1% above the national average.
- Between 2019 and 2020, homeownership increased 0.38%.
- The 15-year (2005-2020) average homeownership rate is 77.7%.
- Homeownership is currently 1.4% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 1.4%.
- The homeowner vacancy rate is 1.0%; that’s 11% below the national average.
- The rental vacancy rate is 5.5%; that’s 19% below the national average.
Wisconsin
.
- The homeownership rate was 70.1% in the first fiscal quarter of 2021.
- That’s 6.9% above the national average.
- Between 2019 and 2020, homeownership increased 4.94%.
- The 15-year (2005-2020) average homeownership rate is 69.5%.
- Homeownership is currently 0.8% higher than the 15-year average rate.
- Since 2005, homeownership has decreased 0.4%.
- The homeowner vacancy rate is 0.2%; that’s 78% below the national average.
- The rental vacancy rate is 4.5%; that’s 34% below the national average.
Wyoming
Homeownership is more popular than rental housing; the rental vacancy rate is very high.
- The homeownership rate was 71.1% in the first fiscal quarter of 2021.
- That’s 8.4% above the national average.
- Between 2019 and 2020, homeownership decreased 0.42%.
- The 15-year (2005-2020) average homeownership rate is 72.1%.
- Homeownership is currently 1.4% lower than the 15-year average rate.
- Since 2005, homeownership has decreased 4.0%.
- The homeowner vacancy rate is 0.8%; that’s 11% below the national average.
- The rental vacancy rate is 9.9%; that’s 46% above the national average.
Analysis: What Drives Homeownership Rates
The prime factors that drive homeownership rates are housing costs and market stability.
States that have large concentrations of their population living in urban areas, such as in Los Angeles, California and New York City, typically see much lower rates of homeownership.
It costs more to buy real estate in more densely populated areas due to demand; this may be why rural states enjoy lower home prices and higher rates of homeownership. States like Indiana, West Virginia, and Maine – where the average home price is below the national average and the population density is generally lower – tend to have higher homeownership rates.
High property taxes, weak housing markets, natural disasters, crime, and severe housing problems (as defined by the U.S. Department of Housing and Urban Development) are all factors that contribute to the cost of housing.
Severe housing problems can include lack of adequate kitchen and bathroom facilities, hazards, and overcrowding. Severe housing problems also include residents who are severely cost-burdened, where a disproportionate or unsustainable amount of their income goes towards housing.
In 2018, 18.4% of occupied housing was considered to have severe housing problems of some sort. The state with the highest level of severe housing problems in 2018 was Hawaii with 27.6%. North Dakota had the fewest percentage of housing with severe housing problems at 11.2%.
Thus, the driving forces behind homeownership can be mutually influential and perhaps even cyclical.
State | Homeownership Rate | Average Home Price* |
---|---|---|
District of Columbia | 40.4% | $506,654 |
New York | 54.0% | $299,812 |
California | 54.5% | $391,609 |
Nevada | 58.3% | $179,627 |
Hawaii | 60.2% | $587,760 |
National Average | 65.6% | $214,594 |
Minnesota | 73.4% | $194,336 |
Indiana | 74.7% | $132,068 |
Maine | 75.3% | $209,697 |
New Hampshire | 76.1% | $254,399 |
West Virginia | 78.8% | $150,706 |
*Average home prices are based on data from the fiscal quarter ending in June 2010.
Sources
- United States Census Bureau (Census), Quarterly Residential Vacancies and Homeownership, First Quarter 2021
- Census, Quarterly Vacancy and Homeownership Rates by State and MSA
- Census, New Residential Sales
- Federal Housing Finance Agency, House Price Index Datasets
- U.S. Department of Housing and Urban Development Office of Policy Development and Research, Consolidated Planning/CHAS Data