Report Highlights. Current homeownership rates indicate an historically volatile market with homeownership no more attainable than it was 40 years ago.
- Today’s homeownership rate is 65.5%.
- In 2021, the homeownership rate declined faster than any time in the last 80 years.
- 2019 saw a 3.1% annual rise in homeownership, the steepest increase since the 1940s.
- The nationwide homeownership rate hit an all-time high of 69.2% in 2004’s first financial quarter.
- Homeownership rates hit their all-time lows in the wake of the Great Depression: 43.6% in 1940.
| Year | Homeownership* | YoY Change |
|---|---|---|
| 2021 | 65.5% | -1.7% |
| 2020 | 66.6% | +3.2% |
| 2019 | 64.6% | +0.2% |
| 2018 | 64.4% | +0.9% |
| 2017 | 63.9% | +0.7% |
| 2016 | 63.4% | -0.4% |
| 2015 | 63.7% | -1.3% |
| 2014 | 64.5% | -1.0% |
| 2013 | 65.1% | -0.5% |
| 2012 | 65.5% | -1.1% |
| 2011 | 66.2% | -1.0% |
| 2010 | 66.9% | -0.8% |
| 2009 | 67.4% | -0.7% |
| 2008 | 67.8% | -0.5% |
| 2007 | 68.2% | -0.9% |
| 2006 | 68.8% | -0.1% |
| 2005 | 68.9% | -0.2% |
| 2004 | 69.0% | +1.1% |
| 2003 | 68.3% | +0.5% |
| 2002 | 67.9% | +0.1% |
| 2001 | 67.8% | +0.7% |
| 2000 | 67.5% | +0.9% |
| 1999 | 66.8% | +0.8% |
| 1998 | 66.3% | +0.9% |
| 1997 | 65.7% | +0.5% |
| 1996 | 65.4% | +1.0% |
| 1995 | 64.8% | +1.2% |
| 1994 | 64.0% | 0.0% |
| 1993 | 64.0% | -0.2% |
| 1992 | 64.2% | +0.2% |
| 1991 | 64.1% | +0.2% |
| 1990 | 64.0% | +0.1% |
| 1989 | 63.9% | +0.2% |
| 1988 | 63.8% | -0.3% |
| 1987 | 64.0% | +0.3% |
| 1986 | 63.8% | -0.2% |
| 1985 | 63.9% | -0.9% |
| 1984 | 64.5% | -0.3% |
| 1983 | 64.7% | -0.2% |
| 1982 | 64.8% | -1.0% |
| 1981 | 65.4% | -0.2% |
| 1980 | 65.6% | +0.5% |
| 1979 | 65.2% | +0.4% |
| 1978 | 65.0% | +0.2% |
| 1977 | 64.8% | +0.1% |
| 1976 | 64.7% | +0.2% |
| 1975 | 64.6% | -0.1% |
| 1974 | 64.7% | +0.2% |
| 1973 | 64.5% | +0.2% |
| 1972 | 64.4% | +0.2% |
| 1971 | 64.3% | +0.1% |
| 1970 | 64.2% | -0.2% |
| 1969 | 64.3% | +0.7% |
| 1968 | 63.9% | +0.4% |
| 1967 | 63.6% | +0.3% |
| 1966 | 63.5% | +0.7% |
| 1965 | 63.0% | -0.1% |
*The average of quarterly rates.
21st Century Homeownership Rates
The national housing market has been extremely volatile in the last 20 years compared to the latter half of the 20th century.
- The annual nationwide homeownership rate hit an all-time high in 2004 at 69.2%.
- In 2016, the homeownership rate hit its lowest point (63.4%) since 1965 (63.0%).
- Homeownership declined at an annual rate of 0.7% from 2004 to 2016 (for a total decline of 8.1%).
- Subsequent homeownership rates increased at an annual rate of 1.3% from 2016 to 2020 (for a total increase of 5.0%).
| Year | Homeownership Rate | % of Current Rate (65.5%) |
|---|---|---|
| 1890 | 47.8% | 73.0% |
| 1900 | 46.7% | 71.3% |
| 1910 | 45.9% | 70.1% |
| 1920 | 45.6% | 69.6% |
| 1930 | 47.8% | 73.0% |
| 1940 | 43.6% | 66.6% |
| 1945 | 53.2% | 81.2% |
| 1950 | 55.0% | 84.0% |
| 1956 | 60.4% | 92.2% |
| 1960 | 61.9% | 94.5% |
| 1965 | 62.9% | 96.0% |
| 1970 | 64.3% | 98.2% |
| 1975 | 64.4% | 98.3% |
Historical Homeownership Rates
Historical homeownership rates indicate that while homeownership is more attainable than it was 100 years ago, growth has since stagnated.
- In 1890, less than half of Americans were homeowners.
- At the end of the Great Depression, there were two-thirds (2/3) as many homeowners as there were in 2021’s third fiscal quarter.
- From 1890 to 1960, homeownership increased 29.5%.
- During this period, the annual rate of increase in homeownership was 0.4%.
- From 1930 to 1940, homeownership declined 8.8% for a 0.9% annual rate of decline.
- From 1940 to 1945, homeownership increased 22.0% for an annual rate of 4.4%.
Homeownership Among Age Groups by Year
Homeownership has declined among all age groups, most notably among 45- to 54-year-olds.
- Since 2000, homeownership among 45- to 54-year-olds has declined 8.8%.
- Homeownership has declined 9.4% among 35- to 44-year-olds.
- Among 55- to 64-year-olds, homeownership has declined 6.6%.
- Among those 65 years and older, homeownership has declined 1.1%.
- Homeownership among those under 35 years old has declined 6.3%.
| Year | Homeownership Under 35* | 35 to 44 | 45 to 54 |
|---|---|---|---|
| 2021 | 38.2% | 61.5% | 69.7% |
| 2020 | 39.2% | 62.7% | 71.1% |
| 2019 | 36.7% | 60.1% | 70.1% |
| 2018 | 36.3% | 60.1% | 70.1% |
| 2017 | 35.3% | 59.0% | 69.3% |
| 2016 | 34.6% | 58.6% | 69.3% |
| 2015 | 35.0% | 58.5% | 70.0% |
| 2014 | 35.9% | 59.7% | 70.7% |
| 2013 | 36.8% | 60.6% | 71.2% |
| 2012 | 36.7% | 61.5% | 71.7% |
| 2011 | 37.8% | 63.5% | 72.7% |
| 2010 | 39.1% | 65.0% | 73.5% |
| 2009 | 39.8% | 66.2% | 74.4% |
| 2008 | 41.0% | 66.2% | 74.4% |
| 2007 | 41.7% | 67.8% | 75.4% |
| 2006 | 42.6% | 68.9% | 76.2% |
| 2005 | 43.1% | 69.3% | 76.6% |
| 2004 | 43.1% | 69.2% | 77.2% |
| 2003 | 41.5% | 68.4% | 76.4% |
| 2002 | 42.0% | 68.6% | 76.5% |
| 2001 | 41.3% | 68.3% | 76.8% |
| 2000 | 40.8% | 67.9% | 76.5% |
| 1999 | 39.7% | 67.2% | 76.0% |
| 1998 | 39.4% | 66.9% | 75.7% |
| 1997 | 38.7% | 66.1% | 75.8% |
| 1996 | 39.1% | 65.5% | 75.6% |
| 1995 | 38.7% | 65.2% | 75.2% |
| 1994 | 37.4% | 64.5% | 75.2% |
*The average of quarterly rates.
Homeownership by Income by Year
Households with a below-median income appear to experience greater market volatility with fewer long-term gains than above-median income households.
- Since 2000, homeownership among those with an income above the median has declined 3.2%.
- Homeownership among this income bracket peaked at 84.6% in 2004’s fourth financial quarter.
- Since then, homeownership has declined 6.0% among this income bracket.
- Also since 2000, homeownership among those with an income below the median has increased 0.9%.
- Homeownership among this income bracket peaked at 55.2% in 2020’s second financial quarter.
- Since then, homeownership has declined 0.9% among this income bracket.
| Year | Family Income Above Median* | Family Income Below Median |
|---|---|---|
| 2021 | 79.1% | 51.8% |
| 2020 | 79.7% | 53.5% |
| 2019 | 78.4% | 50.7% |
| 2018 | 78.4% | 50.4% |
| 2017 | 78.1% | 49.7% |
| 2016 | 77.9% | 48.9% |
| 2015 | 78.4% | 48.9% |
| 2014 | 79.4% | 49.5% |
| 2013 | 80.8% | 50.3% |
| 2012 | 80.4% | 50.5% |
| 2011 | 81.2% | 51.2% |
| 2010 | 81.9% | 51.9% |
| 2009 | 82.1% | 51.1% |
| 2008 | 83.1% | 51.6% |
| 2007 | 83.4% | 51.7% |
| 2006 | 84.2% | 52.7% |
| 2005 | 84.1% | 52.9% |
| 2004 | 84.1% | 52.5% |
| 2003 | 83.6% | 51.8% |
| 2002 | 82.6% | 52.1% |
| 2001 | 82.0% | 52.2% |
| 2000 | 81.6% | 51.6% |
| 1999 | 81.5% | 51.2% |
| 1998 | 80.9% | 50.6% |
| 1997 | 80.5% | 50.0% |
| 1996 | 80.2% | 49.5% |
| 1995 | 79.5% | 48.8% |
| 1994 | 78.5% | 48.4% |
*The average of quarterly rates.
