Highlights. After a decade of decline, homeownership is up to 65.7% as of the end of 2024, up 4.45% from its lowest point in recent years (62.9% in 2016).
- The nationwide homeownership rate in the fourth fiscal quarter (Q4) of 2024 rate was down 5.06% compared to 2004 Q4.
- 86.285 million out of a total 131.33 million households own their homes.
- 45.047 million households (34.3%) rent their homes.
- Second homes represent 1.25% of owner-occupied housing units; 10.2% of all housing units are vacant.
- After adjusting for inflation, home sales prices increased 102.8% faster than rent prices over a 54-year period.
See related: Average Rent by Year | Renting Statistics | Public Housing and Section 8 | Homeowner Association Statistics
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Cost* | Homeowner | |
---|---|---|
Insurance | $142 | $31 |
Electricity | $172 | $125 |
Gas | $102 | $60 |
Trash | $48 | $43 |
Water | $73 | $61 |
HOA or Condo Association | $243 | $241 |
Taxes | $368 | NA |
Mortgage or Rent | $1,618 | $1,460 |
*Among households that pay such costs.
Homeowners vs. Renters
While there are more homeowners than renters, the gap between them is shrinking as housing costs continue to climb.
- For every U.S. household that rents their home, there are 1.92 homeowners.
- The average household gross income among homeowners ($183,303) is equivalent to 2.47 times the average income among renting households ($74,074).
- Homeowning U.S. households average 2.61 residents; the average renting household has 2.25 residents.
- The median monthly mortgage payment nationwide is $1,275; the median gross rent is $1,406 per month.
- Monthly costs of homeownership (excluding mortgages) are a median $629; in homes with mortgages, the median monthly cost to owners is $1,904.
- Renters are 178.7% more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).
- 22.5% of military veteran households rent; 77.5% own their homes.
Housing Affordability Among Homeowners vs. Renters
Renters are more likely to face housing cost burdens as defined by federal legislation.
- The average homeowner’s monthly debt-to-income† ratio (DTI) is 12.5%.
- Among renting households, the average monthly rent-to-income† ratio is 22.8%.
- 23.2% of homeowners spend more than 30% of their household net income on mortgage payments and other costs of living.
- 10.7% of homeowners spend over 50% of household net income on housing costs.
- 49.6% of renters spend over 30% of their household net income on rent and utilities.
- 26.7% of renters spend more than 50% of their net income on rent and utilities.
- The national median rent increased 58.5% between 1970 and 2024 after adjusting for inflation (1,194% before inflation).
- Adjusted for inflation, the median home sales price increased 118.7% between 1970 and 2024; the median price increased 1,685% without inflation.
†Gross income (before taxes).
Homeowner vs. Renter Household Debt
- The average mortgage and home equity loan debt is $223,333.
- Among homeowners (including those with no mortgage or home equity loan debt), the average total debt is $229,268.
- The average renter has $38,511 in debt, representing.
- Compared to renters, the average household debt among homeowners is 5.95 times higher.
Homeowner vs. Renter Household Wealth
Homeownership statistically reduces wealth inequality to a significant degree.
- Among renters, the average household net worth is $162,444.
- The average homeowning household’s net worth ($1.626 million) is equivalent to 10 times the average renting household’s net worth.
- Excluding home equity‡, household wealth among homeowners is 8.3 times what it is among renters.
‡Home equity refers to the value of a primary residence (excluding second homes) less mortgage and/or home equity loan debt.
Housing Vacancy Among Homeowners vs. Renters
Vacant does not necessarily mean available. Just 48.8% of vacancies are identified as available for rent or for sale.
- Homeowner vacancy is 1.1% as of January 2025; rental vacancy is 6.9%.
- The average homeowner vacancy rate increased 22.2% from 2023 Q4 to 2024 Q4.
- From 2020 Q4 to 2024 Q4, the average homeowner vacancy rate increased 10.0%.
- The average rental vacancy rate increased 4.55% from 2023Q4 to 2024Q4.
- From 2020 Q4 to 2024 Q4, the average annual rental vacancy rate increased 6.15%.
- Homeowner vacancy declined 37.5% from 2000 Q4 to 2020 Q4; during the same period, renter vacancy declined 16.7%.
- 7.17% of U.S. housing units are vacant; among them, 41.9% are available for rent and 9.62% are for sale only◊.
- 24.7% of vacant units have been vacant for two years or more; among them, 13.7% are available for rent and 5.21% are for sale only.
- 3.23% of vacant units have never been occupied; 11.3% are for rent and 7.42% are for sale.
- 91.7% of all housing units are occupied year-round; 34.8% are rented and 65.2% belong to homeowners.
◊A small number of homes for rent are also for sale.
Homeowner vs. Renter Demographics
While renting households average a lower number of residents, they also have a lower rate of single occupancy.
- 18.517 million renters are single occupant, representing 39.9% of renting households (and 46.8% of single households).
- 12.093 million renters and 51.057 million homeowners are married with both spouses present.
- 4.990 million renters are (live-in) partnered while 4.241 million homeowners are partnered.
- 24.054 million homeowning households include children under the age of 18 years; 12.494 million renting households include children.
- 1.832 million homeowning families are single-parent households; 3.276 million renting families are single-parent.
- 12.395 million veterans are homeowners; 3.207 million veterans rent their homes.
Homeowners vs. Renters by State
The larger a local population, the more its residents tend to rent their homes.
- Residents of Maine are most likely to own their homes with a 74.4% homeownership rate.
- District of Columbia has the highest median monthly mortgage payment at $2,229.
- California has the highest median gross rent at $1,992.
- Homeowning households are largest in Texas with an average of 3.04 residents per home.
- California has the largest renting households with an average size of 2.62 residents.
State | Total Households | Owners:Renters Ratio |
---|---|---|
Alabama | 2,051,545 | 2.3:1 |
Alaska | 276,852 | 2:1 |
Arizona | 2,907,014 | 2.1:1 |
Arkansas | 1,232,871 | 2:1 |
California | 13,699,816 | 1.3:1 |
Colorado | 2,428,261 | 1.9:1 |
Connecticut | 1,442,969 | 1.9:1 |
Delaware | 412,048 | 2.8:1 |
District of Columbia | 334,673 | 0.6:1 |
Florida | 8,966,402 | 2.1:1 |
Georgia | 4,150,138 | 1.9:1 |
Hawaii | 493,898 | 1.7:1 |
Idaho | 733,244 | 2.6:1 |
Illinois | 5,071,288 | 2.1:1 |
Indiana | 2,754,881 | 2.4:1 |
Iowa | 1,337,243 | 2.5:1 |
Kansas | 1,188,340 | 2:1 |
Kentucky | 1,853,603 | 2.2:1 |
Louisiana | 1,833,915 | 2.1:1 |
Maine | 616,085 | 2.9:1 |
Maryland | 2,384,715 | 2.1:1 |
Massachusetts | 2,800,984 | 1.7:1 |
Michigan | 4,107,809 | 2.8:1 |
Minnesota | 2,344,432 | 2.6:1 |
Mississippi | 1,166,617 | 2.5:1 |
Missouri | 2,556,271 | 2.2:1 |
Montana | 472,867 | 2.2:1 |
Nebraska | 813,864 | 2:1 |
Nevada | 1,224,685 | 1.5:1 |
New Hampshire | 569,493 | 2.6:1 |
New Jersey | 3,538,457 | 1.8:1 |
New Mexico | 856,580 | 2.3:1 |
New York | 7,809,267 | 1.2:1 |
North Carolina | 4,392,669 | 2:1 |
North Dakota | 338,059 | 1.8:1 |
Ohio | 4,917,309 | 2:1 |
Oklahoma | 1,589,105 | 1.9:1 |
Oregon | 1,752,050 | 1.7:1 |
Pennsylvania | 5,324,209 | 2.3:1 |
Rhode Island | 443,980 | 1.8:1 |
South Carolina | 2,177,733 | 2.6:1 |
South Dakota | 378,559 | 2.3:1 |
Tennessee | 2,889,226 | 2.1:1 |
Texas | 11,260,645 | 1.7:1 |
Utah | 1,167,591 | 2.3:1 |
Vermont | 279,612 | 2.7:1 |
Virginia | 3,402,670 | 2.1:1 |
Washington | 3,101,265 | 1.8:1 |
West Virginia | 743,644 | 2.8:1 |
Wisconsin | 2,495,539 | 2.1:1 |
Wyoming | 247,368 | 2.5:1 |
Puerto Rico | 1,277,486 | 2.2:1 |
Alabama Homeowner vs. Renter Statistics
Compared to the average American, Alabama households are 7.49% more likely to own their homes and have much lower monthly mortgage payment.
- 2.051 million total households live in Alabama.
- 1.439 million or 70.1% of households in Alabama own their homes.
- 612,789 or 29.9% of households in Alabama rent their homes.
- Monthly mortgage payments are a median $934.
- Monthly costs of homeownership (excluding mortgages) are a median $438; in homes with mortgages, the median monthly cost to owners is $1,372.
- The median gross rent in Alabama is $982 per month.
- Homeowning households in Alabama have an average of 2.52 residents; renting households average 2.19 residents.
- The homeowner vacancy rate in Alabama is 1.0%.
- Alabama’s rental vacancy is 5.5%.
Alaska Homeowner vs. Renter Statistics
Alaska households are 1.63% more likely to own their homes compared to the average American and pay 15.84% more for the median mortgage payment.
- 276,852 total households live in Alaska.
- 183,575 households in Alaska (66.3%) own their homes.
- 93,277 households in Alaska (33.7%) rent their homes.
- The median monthly mortgage payment is $1,477.
- Monthly costs of homeownership (excluding mortgages) are a median $659 ; in homes with mortgages, the median monthly cost to owners is $2,136.
- The median gross rent in Alaska is $1,373 per month.
- Homeowning households in Alaska have an average of 2.70 residents; renting households average 2.23 residents.
- The homeowner vacancy rate in Alaska is 0.7%.
- Alaska’s rental vacancy is 6.3%.
Arizona Homeowner vs. Renter Statistics
Arizona households are 3.75% more likely to own their homes compared to the average American and pay roughly the same amount in monthly mortgage payments.
- 2.907 million total households live in Arizona.
- 1.968 million households in Arizona (67.7%) own their homes.
- 939,310 households in Arizona (32.3%) rent their homes.
- The median monthly mortgage payment is $1,252.
- Monthly costs of homeownership (excluding mortgages) are a median $499; in homes with mortgages, the median monthly cost to owners is $1,751.
- The median gross rent in Arizona is $1,608 per month.
- Homeowning households in Arizona have an average of 2.57 residents; renting households average 2.34 residents.
- The homeowner vacancy rate in Arizona is 0.9%.
- Arizona’s rental vacancy is 7.2%.
Arkansas Homeowner vs. Renter Statistics
Arkansas households are 1.45% more likely to own their homes compared to the average American, and the median monthly mortgage payment is 30.9% lower than the national median.
- 1.233 million total households live in Arkansas.
- 816,038 households in Arkansas (66.2%) own their homes.
- 416,833 households in Arkansas (33.8%) rent their homes.
- The median monthly mortgage payment is $881.
- Monthly costs of homeownership (excluding mortgages) are a median $434; in homes with mortgages, the median monthly cost to owners is $1,315.
- The median gross rent in Arkansas is $933 per month.
- Homeowning households in Arkansas have an average of 2.57 residents; renting households average 2.34 residents.
- The homeowner vacancy rate in Arkansas is 1.2%.
- Arkansas’s rental vacancy is 6.1%.
California Homeowner vs. Renter Statistics
California households are 14.3% less likely to own their homes compared to the average American, and the median monthly mortgage payment is 57.6% higher than the nationwide median.
- 13.70 million total households live in California.
- 7.658 million households in California (55.9%) own their homes.
- 6.041 million households in California (44.1%) rent their homes.
- The median monthly mortgage payment is $2,010.
- Monthly costs of homeownership (excluding mortgages) are a median $834; in homes with mortgages, the median monthly cost to owners is $2,844.
- The median gross rent in California is $1,992 per month.
- Homeowning households in California have an average of 2.90 residents; renting households average 2.62 residents.
- The homeowner vacancy rate in California is 0.7%.
- California’s rental vacancy is 4.3%.
Colorado Homeowner vs. Renter Statistics
Colorado households are 0.63% more likely to own their homes compared to the national average, and the median monthly mortgage payment is 26.5% higher.
- 2.428 million total households live in Colorado.
- 1.594 million households in Colorado (65.7%) own their homes.
- 834,070 households in Colorado (34.3%) rent their homes.
- The median monthly mortgage payment is $1,613.
- Monthly costs of homeownership (excluding mortgages) are a median $676; in homes with mortgages, the median monthly cost to owners is $2,289.
- The median gross rent in Colorado is $1,771 per month.
- Homeowning households in Colorado have an average of 2.51 residents; renting households average 2.10 residents.
- The homeowner vacancy rate in Colorado is 0.8%.
- Colorado’s rental vacancy is 4.8%.
Connecticut Homeowner vs. Renter Statistics
Compared to the nationwide median, Connecticut households are 0.71% more likely to own their homes and have 3.22% higher monthly mortgage payments.
- 1.443 million total households live in Connecticut.
- 948,121 households in Connecticut (65.7%) own their homes.
- 494,848 households in Connecticut (34.3%) rent their homes.
- The median monthly mortgage payment is $1,316.
- Monthly costs of homeownership (excluding mortgages) are a median $1,038; in homes with mortgages, the median monthly cost to owners is $2,354.
- The median gross rent in Connecticut is $1,463 per month.
- Homeowning households in Connecticut have an average of 2.61 residents; renting households average 2.11 residents.
- The homeowner vacancy rate in Connecticut is 0.8%.
- Connecticut’s rental vacancy is 4.9%.
Delaware Homeowner vs. Renter Statistics
Compared to the nationwide median, Delaware households are 12.8% more likely to own their homes and have 5.49% lower monthly mortgage payments.
- 412,048 total households live in Delaware.
- 303,131 households in Delaware (73.6%) own their homes.
- 108,917 households in Delaware (26.4%) rent their homes.
- The median monthly mortgage payment is $1,205.
- Monthly costs of homeownership (excluding mortgages) are a median $542; in homes with mortgages, the median monthly cost to owners is $1,747.
- The median gross rent in Delaware is $1,358 per month.
- Homeowning households in Delaware have an average of 2.53 residents; renting households average 2.21 residents.
- The homeowner vacancy rate in Delaware is 0.8%.
- Delaware’s rental vacancy is 5.3%.
District of Columbia Homeowner vs. Renter Statistics
Compared to the nationwide median, D.C. households are 40.0% less likely to own their homes and have 74.8% higher monthly mortgage payments.
- 334,673 total households live in D.C.
- 130,934 households in D.C. (39.1%) own their homes.
- 203,739 households in D.C. (60.9%) rent their homes.
- The median monthly mortgage payment is $2,229.
- Monthly costs of homeownership (excluding mortgages) are a median $772; in homes with mortgages, the median monthly cost to owners is $3,001.
- The median gross rent in D.C. is $1,904 per month.
- Homeowning households in D.C. have an average of 2.21 residents; renting households average 1.73 residents.
- The homeowner vacancy rate in D.C. is 0.8%.
- D.C.’s rental vacancy is 4.7%.
Florida Homeowner vs. Renter Statistics
Compared to the nationwide median, Florida households are 4.33% more likely to own their homes and have 0.47% lower monthly mortgage payments.
- 8.966 million total households live in Florida.
- 6.103 million households in Florida (68.1%) own their homes.
- 2.863 million households in Florida (31.9%) rent their homes.
- The median monthly mortgage payment is $1,269.
- Monthly costs of homeownership (excluding mortgages) are a median $681; in homes with mortgages, the median monthly cost to owners is $1,950.
- The median gross rent in Florida is $1,719 per month.
- Homeowning households in Florida have an average of 2.51 residents; renting households average 2.38 residents.
- The homeowner vacancy rate in Florida is 1.2%.
- Florida’s rental vacancy is 7.6%.
Georgia Homeowner vs. Renter Statistics
Compared to the nationwide median, Georgia households are 1.28% more likely to own their homes and have 5.65% lower monthly mortgage payments.
- 4.150 million total households live in Georgia.
- 2.742 million households in Georgia (66.1%) own their homes.
- 1.408 million households in Georgia (33.9%) rent their homes.
- The median monthly mortgage payment is $1,203.
- Monthly costs of homeownership (excluding mortgages) are a median $530; in homes with mortgages, the median monthly cost to owners is $1,733.
- The median gross rent in Georgia is $1,400 per month.
- Homeowning households in Georgia have an average of 2.71 residents; renting households average 2.37 residents.
- The homeowner vacancy rate in Georgia is 0.8%.
- Georgia’s rental vacancy is 7.4%.
Hawaii Homeowner vs. Renter Statistics
Compared to the nationwide median, Hawaii households are 4.29% less likely to own their homes and have 61.9% higher monthly mortgage payments.
- 493,898 total households live in Hawaii.
- 308,421 households in Hawaii (62.4%) own their homes.
- 185,477 households in Hawaii (37.6%) rent their homes.
- The median monthly mortgage payment is $2,064.
- Monthly costs of homeownership (excluding mortgages) are a median $675; in homes with mortgages, the median monthly cost to owners is $2,739.
- The median gross rent in Hawaii is $1,940 per month.
- Homeowning households in Hawaii have an average of 2.98 residents; renting households average 2.57 residents.
- The homeowner vacancy rate in Hawaii is 0.8%.
- Hawaii’s rental vacancy is 8.6%.
Idaho Homeowner vs. Renter Statistics
Compared to the nationwide median, Idaho households are 11.1% more likely to own their homes and have 6.04% lower monthly mortgage payments.
- 733,244 total households live in Idaho.
- 531,631 households in Idaho (72.5%) own their homes.
- 201,613 households in Idaho (27.5%) rent their homes.
- The median monthly mortgage payment is $1,198.
- Monthly costs of homeownership (excluding mortgages) are a median $488; in homes with mortgages, the median monthly cost to owners is $1,686.
- The median gross rent in Idaho is $1,256 per month.
- Homeowning households in Idaho have an average of 2.71 residents; renting households average 2.36 residents.
- The homeowner vacancy rate in Idaho is 0.7%.
- Idaho’s rental vacancy is 4.1%.
Illinois Homeowner vs. Renter Statistics
Compared to the nationwide median, Illinois households are 3.27% more likely to own their homes and have 10.5% lower monthly mortgage payments.
- 5.071 million total households live in Illinois.
- 3.417 million households in Illinois (67.4%) own their homes.
- 1.655 million households in Illinois (32.6%) rent their homes.
- The median monthly mortgage payment is $1,141.
- Monthly costs of homeownership (excluding mortgages) are a median $764; in homes with mortgages, the median monthly cost to owners is $1,905.
- The median gross rent in Illinois is $1,238 per month.
- Homeowning households in Illinois have an average of 2.59 residents; renting households average 2.08 residents.
- The homeowner vacancy rate in Illinois is 0.8%.
- Illinois’s rental vacancy is 4.1%.
Indiana Homeowner vs. Renter Statistics
Compared to the nationwide median, Indiana households are 7.96% more likely to own their homes and have 33.5% lower monthly mortgage payments.
- 2.755 million total households live in Indiana.
- 1.940 million households in Indiana (70.4%) own their homes.
- 814,438 households in Indiana (29.6%) rent their homes.
- The median monthly mortgage payment is $848.
- Monthly costs of homeownership (excluding mortgages) are a median $511; in homes with mortgages, the median monthly cost to owners is $1,359.
- The median gross rent in Indiana is $1,044 per month.
- Homeowning households in Indiana have an average of 2.57 residents; renting households average 2.09 residents.
- The homeowner vacancy rate in Indiana is 0.8%.
- Indiana’s rental vacancy is 5.7%.
Iowa Homeowner vs. Renter Statistics
Compared to the nationwide median, Iowa households are 10.0% more likely to own their homes and have 31.6% lower monthly mortgage payments.
- 1.337 million total households live in Iowa.
- 959,743 households in Iowa (71.8%) own their homes.
- 337,500 households in Iowa (28.2%) rent their homes.
- The median monthly mortgage payment is $872.
- Monthly costs of homeownership (excluding mortgages) are a median $611; in homes with mortgages, the median monthly cost to owners is $1,483.
- The median gross rent in Iowa is $949 per month.
- Homeowning households in Iowa have an average of 2.46 residents; renting households average 1.97 residents.
- The homeowner vacancy rate in Iowa is 2.46%.
- Iowa’s rental vacancy is 1.97%.
Kansas Homeowner vs. Renter Statistics
Compared to the nationwide median, Kansas households are 2.20% more likely to own their homes and have 22.0% lower monthly mortgage payments.
- 1.188 million total households live in Kansas.
- 792,366 households in Kansas (66.7%) own their homes.
- 395,974 households in Kansas (33.3%) rent their homes.
- The median monthly mortgage payment is $995.
- Monthly costs of homeownership (excluding mortgages) are a median $640; in homes with mortgages, the median monthly cost to owners is $1,635.
- The median gross rent in Kansas is $1,036 per month.
- Homeowning households in Kansas have an average of 2.57 residents; renting households average 2.07 residents.
- The homeowner vacancy rate in Kansas is 0.9%.
- Kansas’s rental vacancy is 5.3%.
Kentucky Homeowner vs. Renter Statistics
Compared to the nationwide median, Kentucky households are 5.39% more likely to own their homes and have 27.1% lower monthly mortgage payments.
- 1.854 million total households live in Kentucky.
- 1.275 million households in Kentucky (68.8%) own their homes.
- 579,082 households in Kentucky (31.2%) rent their homes.
- The median monthly mortgage payment is $929.
- Monthly costs of homeownership (excluding mortgages) are a median $457; in homes with mortgages, the median monthly cost to owners is $1,386.
- The median gross rent in Kentucky is $929 per month.
- Homeowning households in Kentucky have an average of 2.48 residents; renting households average 2.15 residents.
- The homeowner vacancy rate in Kentucky is 2.48%.
- Kentucky’s rental vacancy is 2.15%.
Louisiana Homeowner vs. Renter Statistics
Compared to the nationwide median, Louisiana households are 4.32% more likely to own their homes and have 12.9% lower monthly mortgage payments.
- 1.834 million total households live in Louisiana.
- 1.248 million households in Louisiana (68.1%) own their homes.
- 585,692 households in Louisiana (31.9%) rent their homes.
- The median monthly mortgage payment is $1,111.
- Monthly costs of homeownership (excluding mortgages) are a median $453; in homes with mortgages, the median monthly cost to owners is $1,564.
- The median gross rent in Louisiana is $1,020 per month.
- Homeowning households in Louisiana have an average of 2.51 residents; renting households average 2.24 residents.
- The homeowner vacancy rate in Louisiana is 1.1%.
- Louisiana’s rental vacancy is 8.0%.
Maine Homeowner vs. Renter Statistics
Compared to the nationwide median, Maine households are 14.1% more likely to own their homes and have 18.7% lower monthly mortgage payments.
- 616,085 total households live in Maine.
- 458,444 households in Maine (74.4%) own their homes.
- 157,641 households in Maine (25.6%) rent their homes.
- The median monthly mortgage payment is $1,037.
- Monthly costs of homeownership (excluding mortgages) are a median $651; in homes with mortgages, the median monthly cost to owners is $1,688.
- The median gross rent in Maine is $1,189 per month.
- Homeowning households in Maine have an average of 2.30 residents; renting households average 1.91 residents.
- The homeowner vacancy rate in Maine is 0.6%.
- Maine’s rental vacancy is 4.2%.
Maryland Homeowner vs. Renter Statistics
Compared to the nationwide median, Maryland households are 4.09% more likely to own their homes and have 17.1% higher monthly mortgage payments.
- 2.385 million total households live in Maryland.
- 1.619 million households in Maryland (67.9%) own their homes.
- 765,237 households in Maryland (32.1%) rent their homes.
- The median monthly mortgage payment is $1,493.
- Monthly costs of homeownership (excluding mortgages) are a median $731; in homes with mortgages, the median monthly cost to owners is $2,224.
- The median gross rent in Maryland is $1,651 per month.
- Homeowning households in Maryland have an average of 2.67 residents; renting households average 2.27 residents.
- The homeowner vacancy rate in Maryland is 0.5%.
- Maryland’s rental vacancy is 5.1%.
Massachusetts Homeowner vs. Renter Statistics
Compared to the nationwide median, Massachusetts households are 4.54% less likely to own their homes and have 26.0% higher monthly mortgage payments.
- 2.801 million total households live in Massachusetts.
- 1.744 million households in Massachusetts (62.3%) own their homes.
- 1.057 million households in Massachusetts (37.7%) rent their homes.
- The median monthly mortgage payment is $1,607.
- Monthly costs of homeownership (excluding mortgages) are a median $1,022; in homes with mortgages, the median monthly cost to owners is $2,629.
- The median gross rent in Massachusetts is $1,757 per month.
- Homeowning households in Massachusetts have an average of 2.60 residents; renting households average 2.10 residents.
- The homeowner vacancy rate in Massachusetts is 0.5%.
- Massachusetts’s rental vacancy is 3.8%.
Michigan Homeowner vs. Renter Statistics
Compared to the nationwide median, Michigan households are 13.0% more likely to own their homes and have 28.2% lower monthly mortgage payments.
- 4.108 million total households live in Michigan.
- 3.029 million households in Michigan (73.7%) own their homes.
- 1.079 million households in Michigan (26.3%) rent their homes.
- The median monthly mortgage payment is $916.
- Monthly costs of homeownership (excluding mortgages) are a median $593; in homes with mortgages, the median monthly cost to owners is $1,509.
- The median gross rent in Michigan is $1,101 per month.
- Homeowning households in Michigan have an average of 2.52 residents; renting households average 2.04 residents.
- The homeowner vacancy rate in Michigan is 0.7%.
- Michigan’s rental vacancy is 5.7%.
Minnesota Homeowner vs. Renter Statistics
Compared to the nationwide median, Minnesota households are 10.3% more likely to own their homes and have 6.67% lower monthly mortgage payments.
- 2.334 million total households live in Minnesota.
- 1.688 million households in Minnesota (72.0%) own their homes.
- 656,737 households in Minnesota (28.0%) rent their homes.
- The median monthly mortgage payment is $1,190.
- Monthly costs of homeownership (excluding mortgages) are a median $689; in homes with mortgages, the median monthly cost to owners is $1,879.
- The median gross rent in Minnesota is $1,264 per month.
- Homeowning households in Minnesota have an average of 2.56 residents; renting households average 1.95 residents.
- The homeowner vacancy rate in Minnesota is 2.56%.
- Minnesota’s rental vacancy is 1.95%.
Mississippi Homeowner vs. Renter Statistics
Compared to the nationwide median, Mississippi households are 8.94% more likely to own their homes and have 30.2% lower monthly mortgage payments.
- 1.167 million total households live in Mississippi.
- 829,160 households in Mississippi (71.1%) own their homes.
- 337,457 households in Mississippi (28.9%) rent their homes.
- The median monthly mortgage payment is $890.
- Monthly costs of homeownership (excluding mortgages) are a median $431; in homes with mortgages, the median monthly cost to owners is $1,321.
- The median gross rent in Mississippi is $898 per month.
- Homeowning households in Mississippi have an average of 2.54 residents; renting households average 2.20 residents.
- The homeowner vacancy rate in Mississippi is 0.5%.
- Mississippi’s rental vacancy is 8.1%.
Missouri Homeowner vs. Renter Statistics
Compared to the nationwide median, Missouri households are 5.41% more likely to own their homes and have 27.1% lower monthly mortgage payments.
- 2.556 million total households live in Missouri.
- 1.758 million households in Missouri (68.8%) own their homes.
- 798,230 households in Missouri (31.2%) rent their homes.
- The median monthly mortgage payment is $929.
- Monthly costs of homeownership (excluding mortgages) are a median $532; in homes with mortgages, the median monthly cost to owners is $1,461.
- The median gross rent in Missouri is $1,019 per month.
- Homeowning households in Missouri have an average of 2.51 residents; renting households average 2.04 residents.
- The homeowner vacancy rate in Missouri is 0.7%.
- Missouri’s rental vacancy is 4.7%.
Montana Homeowner vs. Renter Statistics
Compared to the nationwide median, Montana households are 6.10% more likely to own their homes and have 7.22% lower monthly mortgage payments.
- 472,867 total households live in Montana.
- 327,344 households in Montana (69.2%) own their homes.
- 145,523 households in Montana (30.8%) rent their homes.
- The median monthly mortgage payment is $1,183.
- Monthly costs of homeownership (excluding mortgages) are a median $571; in homes with mortgages, the median monthly cost to owners is $1,754.
- The median gross rent in Montana is $1,083 per month.
- Homeowning households in Montana have an average of 2.47 residents; renting households average 2.04 residents.
- The homeowner vacancy rate in Montana is 0.8%.
- Montana’s rental vacancy is 4.3%.
Nebraska Homeowner vs. Renter Statistics
Compared to the nationwide median, Nebraska households are 1.61% more likely to own their homes and have 18.7% lower monthly mortgage payments.
- 813,864 total households live in Nebraska.
- 539,532 households in Nebraska (66.3%) own their homes.
- 274,332 households in Nebraska (33.7%) rent their homes.
- The median monthly mortgage payment is $1,037.
- Monthly costs of homeownership (excluding mortgages) are a median $681; in homes with mortgages, the median monthly cost to owners is $1,718.
- The median gross rent in Nebraska is $1,042 per month.
- Homeowning households in Nebraska have an average of 2.57 residents; renting households average 1.99 residents.
- The homeowner vacancy rate in Nebraska is 0.5%.
- Nebraska’s rental vacancy is 3.6%.
Nevada Homeowner vs. Renter Statistics
Compared to the nationwide median, Nevada households are 7.36% less likely to own their homes and have 3.61% higher monthly mortgage payments.
- 1.225 million total households live in Nevada.
- 740,187 households in Nevada (60.4%) own their homes.
- 484,498 households in Nevada (39.6%) rent their homes.
- The median monthly mortgage payment is $1,321.
- Monthly costs of homeownership (excluding mortgages) are a median $555; in homes with mortgages, the median monthly cost to owners is $1,876.
- The median gross rent in Nevada is $1,622 per month.
- Homeowning households in Nevada have an average of 2.65 residents; renting households average 2.47 residents.
- The homeowner vacancy rate in Nevada is 1.1%.
- Nevada’s rental vacancy is 6.8%.
New Hampshire Homeowner vs. Renter Statistics
Compared to the nationwide median, New Hampshire households are 10.9% more likely to own their homes and have 2.51% higher monthly mortgage payments.
- 569,493 total households live in New Hampshire.
- 412,231 households in New Hampshire (72.4%) own their homes.
- 157,262 households in New Hampshire (27.6%) rent their homes.
- The median monthly mortgage payment is $1,307.
- Monthly costs of homeownership (excluding mortgages) are a median $996; in homes with mortgages, the median monthly cost to owners is $2,303.
- The median gross rent in New Hampshire is $1,517 per month.
- Homeowning households in New Hampshire have an average of 2.55 residents; renting households average 1.98 residents.
- The homeowner vacancy rate in New Hampshire is 0.3%.
- New Hampshire’s rental vacancy is 4.7%.
New Jersey Homeowner vs. Renter Statistics
Compared to the nationwide median, New Jersey households are 2.30% less likely to own their homes and have 18.8% higher monthly mortgage payments.
- 3.538 million total households live in New Jersey.
- 2.255 million households in New Jersey (63.7%) own their homes.
- 1.283 million households in New Jersey (36.3%) rent their homes.
- The median monthly mortgage payment is $1,515.
- Monthly costs of homeownership (excluding mortgages) are a median $1,161; in homes with mortgages, the median monthly cost to owners is $2,676.
- The median gross rent in New Jersey is $1,667 per month.
- Homeowning households in New Jersey have an average of 2.72 residents; renting households average 2.32 residents.
- The homeowner vacancy rate in New Jersey is 0.5%.
- New Jersey’s rental vacancy is 3.0%.
New Mexico Homeowner vs. Renter Statistics
Compared to the nationwide median, New Mexico households are 6.18% more likely to own their homes and have 18.0% lower monthly mortgage payments.
- 856,580 total households live in New Mexico.
- 593,413 households in New Mexico (69.3%) own their homes.
- 263,167 households in New Mexico (30.7%) rent their homes.
- The median monthly mortgage payment is $1,045.
- Monthly costs of homeownership (excluding mortgages) are a median $455; in homes with mortgages, the median monthly cost to owners is $1,500.
- The median gross rent in New Mexico is $1,084 per month.
- Homeowning households in New Mexico have an average of 2.51 residents; renting households average 2.21 residents.
- The homeowner vacancy rate in New Mexico is 0.8%.
- New Mexico’s rental vacancy is 5.0%.
New York Homeowner vs. Renter Statistics
Compared to the nationwide median, New York households are 17.1% less likely to own their homes and have 18.2% higher monthly mortgage payments.
- 7.809 million total households live in New York.
- 4.222 million households in New York (54.1%) own their homes.
- 3.588 million households in New York (45.9%) rent their homes.
- The median monthly mortgage payment is $1,507.
- Monthly costs of homeownership (excluding mortgages) are a median $923; in homes with mortgages, the median monthly cost to owners is $2,430.
- The median gross rent in New York is $1,561 per month.
- Homeowning households in New York have an average of 2.62 residents; renting households average 2.19 residents.
- The homeowner vacancy rate in New York is 1.1%.
- New York’s rental vacancy is 3.4%.
North Carolina Homeowner vs. Renter Statistics
Compared to the nationwide median, North Carolina households are 1.66% more likely to own their homes and have 13.3% lower monthly mortgage payments.
- 4.393 million total households live in North Carolina.
- 2.913 million households in North Carolina (66.3%) own their homes.
- 1.479 million households in North Carolina (33.7%) rent their homes.
- The median monthly mortgage payment is $1,106.
- Monthly costs of homeownership (excluding mortgages) are a median $472; in homes with mortgages, the median monthly cost to owners is $1,578.
- The median gross rent in North Carolina is $1,245 per month.
- Homeowning households in North Carolina have an average of 2.51 residents; renting households average 2.19 residents.
- The homeowner vacancy rate in North Carolina is 1.2%.
- North Carolina’s rental vacancy is 6.4%.
North Dakota Homeowner vs. Renter Statistics
Compared to the nationwide median, North Dakota households are 2.36% less likely to own their homes and have 13.9% lower monthly mortgage payments.
- 338,059 total households live in North Dakota.
- 215,363 households in North Dakota (63.7%) own their homes.
- 122,696 households in North Dakota (36.3%) rent their homes.
- The median monthly mortgage payment is $1,098.
- Monthly costs of homeownership (excluding mortgages) are a median $589; in homes with mortgages, the median monthly cost to owners is $1,687.
- The median gross rent in North Dakota is $916 per month.
- Homeowning households in North Dakota have an average of 2.49 residents; renting households average 1.78 residents.
- The homeowner vacancy rate in North Dakota is 1.0%.
- North Dakota’s rental vacancy is 7.6%.
Ohio Homeowner vs. Renter Statistics
Compared to the nationwide median, Ohio households are 2.87% more likely to own their homes and have 30.3% lower monthly mortgage payments.
- 4.917 million total households live in Ohio.
- 3.300 million households in Ohio (67.1%) own their homes.
- 1.617 million households in Ohio (32.9%) rent their homes.
- The median monthly mortgage payment is $889.
- Monthly costs of homeownership (excluding mortgages) are a median $579; in homes with mortgages, the median monthly cost to owners is $1,468.
- The median gross rent in Ohio is $1,014 per month.
- Homeowning households in Ohio have an average of 2.47 residents; renting households average 2.06 residents.
- The homeowner vacancy rate in Ohio is 0.7%.
- Ohio’s rental vacancy is 4.7%.
Oklahoma Homeowner vs. Renter Statistics
Compared to the nationwide median, Oklahoma households are 0.25% less likely to own their homes and have 22.1% lower monthly mortgage payments.
- 1.589 million total households live in Oklahoma.
- 1.034 million households in Oklahoma (65.1%) own their homes.
- 554,952 households in Oklahoma (34.9%) rent their homes.
- The median monthly mortgage payment is $993.
- Monthly costs of homeownership (excluding mortgages) are a median $534; in homes with mortgages, the median monthly cost to owners is $1,527.
- The median gross rent in Oklahoma is $1,020 per month.
- Homeowning households in Oklahoma have an average of 2.61 residents; renting households average 2.22 residents.
- The homeowner vacancy rate in Oklahoma is 1.2%.
- Oklahoma’s rental vacancy is 5.8%.
Oregon Homeowner vs. Renter Statistics
Compared to the nationwide median, Oregon households are 2.76% less likely to own their homes and have 11.8% higher monthly mortgage payments.
- 1.752 million total households live in Oregon.
- 1.112 million households in Oregon (63.4%) own their homes.
- 640,453 households in Oregon (36.6%) rent their homes.
- The median monthly mortgage payment is $1,425.
- Monthly costs of homeownership (excluding mortgages) are a median $664; in homes with mortgages, the median monthly cost to owners is $2,089.
- The median gross rent in Oregon is $1,481 per month.
- Homeowning households in Oregon have an average of 2.51 residents; renting households average 2.11 residents.
- The homeowner vacancy rate in Oregon is 0.6%.
- Oregon’s rental vacancy is 4.6%.
Pennsylvania Homeowner vs. Renter Statistics
Compared to the nationwide median, Pennsylvania households are 6.45% more likely to own their homes and have 17.0% lower monthly mortgage payments.
- 5.324 million total households live in Pennsylvania.
- 3.698 million households in Pennsylvania (69.5%) own their homes.
- 1.626 million households in Pennsylvania (30.5%) rent their homes.
- The median monthly mortgage payment is $1,058.
- Monthly costs of homeownership (excluding mortgages) are a median $640; in homes with mortgages, the median monthly cost to owners is $1,698.
- The median gross rent in Pennsylvania is $1,197 per month.
- Homeowning households in Pennsylvania have an average of 2.50 residents; renting households average 2.02 residents.
- The homeowner vacancy rate in Pennsylvania is 0.8%.
- Pennsylvania’s rental vacancy is 4.9%.
Puerto Rico Homeowner vs. Renter Statistics
Compared to the nationwide median, Puerto Rico households are 4.85% more likely to own their homes and have 43.3% lower monthly mortgage payments.
- 1.277 million total households live in Puerto Rico.
- 873,896 households in Puerto Rico (68.4%) own their homes.
- 403,590 households in Puerto Rico (31.4%) rent their homes.
- The median monthly mortgage payment is $723.
- Monthly costs of homeownership (excluding mortgages) are a median $176; in homes with mortgages, the median monthly cost to owners is $899.
- The median gross rent in Puerto Rico is $557 per month.
- Homeowning households in Puerto Rico have an average of 2.55 residents; renting households average 2.33 residents.
- The homeowner vacancy rate in Puerto Rico is 0.9%.
- Puerto Rico’s rental vacancy is 4.6%.
Rhode Island Homeowner vs. Renter Statistics
Compared to the nationwide median, Rhode Island households are 1.96% less likely to own their homes and have 3.69% higher monthly mortgage payments.
- 443,980 total households live in Rhode Island.
- 283,990 households in Rhode Island (64.0%) own their homes.
- 159,990 households in Rhode Island (36.0%) rent their homes.
- The median monthly mortgage payment is $1,322.
- Monthly costs of homeownership (excluding mortgages) are a median $853; in homes with mortgages, the median monthly cost to owners is $2,175.
- The median gross rent in Rhode Island is $1,365 per month.
- Homeowning households in Rhode Island have an average of 2.57 residents; renting households average 2.02 residents.
- The homeowner vacancy rate in Rhode Island is 0.7%.
- Rhode Island’s rental vacancy is 4.5%.
South Carolina Homeowner vs. Renter Statistics
Compared to the nationwide median, South Carolina households are 11.0% more likely to own their homes and have 17.5% lower monthly mortgage payments.
- 2.178 million total households live in South Carolina.
- 1.577 million households in South Carolina (72.4%) own their homes.
- 600,375 households in South Carolina (27.6%) rent their homes.
- The median monthly mortgage payment is $1,052.
- Monthly costs of homeownership (excluding mortgages) are a median $425; in homes with mortgages, the median monthly cost to owners is $1,477.
- The median gross rent in South Carolina is $1,170 per month.
- Homeowning households in South Carolina have an average of 2.48 residents; renting households average 2.21 residents.
- The homeowner vacancy rate in South Carolina is 0.9%.
- South Carolina’s rental vacancy is 8.3%.
South Dakota Homeowner vs. Renter Statistics
Compared to the nationwide median, South Dakota households are 6.34% more likely to own their homes and have 19.9% lower monthly mortgage payments.
- 378,559 total households live in South Dakota.
- 262,639 households in South Dakota (69.4%) own their homes.
- 115,920 households in South Dakota (30.6%) rent their homes.
- The median monthly mortgage payment is $1,021.
- Monthly costs of homeownership (excluding mortgages) are a median $604; in homes with mortgages, the median monthly cost to owners is $1,625.
- The median gross rent in South Dakota is $921 per month.
- Homeowning households in South Dakota have an average of 2.50 residents; renting households average 1.99 residents.
- The homeowner vacancy rate in South Dakota is 0.4%.
- South Dakota’s rental vacancy is 5.5%.
Tennessee Homeowner vs. Renter Statistics
Compared to the nationwide median, Tennessee households are 3.09% more likely to own their homes and have 17.0% lower monthly mortgage payments.
- 2.889 million total households live in Tennessee.
- 1.943 million households in Tennessee (67.3%) own their homes.
- 945,944 households in Tennessee (32.7%) rent their homes.
- The median monthly mortgage payment is $1,058.
- Monthly costs of homeownership (excluding mortgages) are a median $445; in homes with mortgages, the median monthly cost to owners is $1,503.
- The median gross rent in Tennessee is $1,214 per month.
- Homeowning households in Tennessee have an average of 2.50 residents; renting households average 2.24 residents.
- The homeowner vacancy rate in Tennessee is 0.9%.
- Tennessee’s rental vacancy is 5.9%.
Texas Homeowner vs. Renter Statistics
Compared to the nationwide median, Texas households are 4.06% less likely to own their homes and have 9.02% higher monthly mortgage payments.
- 11.261 million total households live in Texas.
- 7.048 million households in Texas (62.6%) own their homes.
- 4.212 million households in Texas (37.4%) rent their homes.
- The median monthly mortgage payment is $1,390.
- Monthly costs of homeownership (excluding mortgages) are a median $681; in homes with mortgages, the median monthly cost to owners is $2,071.
- The median gross rent in Texas is $1,413 per month.
- Homeowning households in Texas have an average of 2.85 residents; renting households average 2.33 residents.
- The homeowner vacancy rate in Texas is 1.1%.
- Texas’s rental vacancy is 8.0%.
Utah Homeowner vs. Renter Statistics
Compared to the nationwide median, Utah households are 7.38% more likely to own their homes and have 11.1% higher monthly mortgage payments.
- 1.168 million total households live in Utah.
- 818,033 households in Utah (70.1%) own their homes.
- 349,558 households in Utah (29.9%) rent their homes.
- The median monthly mortgage payment is $1,417.
- Monthly costs of homeownership (excluding mortgages) are a median $561; in homes with mortgages, the median monthly cost to owners is $1,978.
- The median gross rent in Utah is $1,551 per month.
- Homeowning households in Utah have an average of 3.04 residents; renting households average 2.50 residents.
- The homeowner vacancy rate in Utah is 0.4%.
- Utah’s rental vacancy is 5.5%.
Vermont Homeowner vs. Renter Statistics
Compared to the nationwide median, Vermont households are 12.2% more likely to own their homes and have 19.1% lower monthly mortgage payments.
- 279,612 total households live in Vermont.
- 204,730 households in Vermont (73.2%) own their homes.
- 74,882 households in Vermont (26.8%) rent their homes.
- The median monthly mortgage payment is $1,031.
- Monthly costs of homeownership (excluding mortgages) are a median $796; in homes with mortgages, the median monthly cost to owners is $1,827.
- The median gross rent in Vermont is $1,202 per month.
- Homeowning households in Vermont have an average of 2.39 residents; renting households average 1.79 residents.
- The homeowner vacancy rate in Vermont is 0.5%.
- Vermont’s rental vacancy is 3.5%.
Virginia Homeowner vs. Renter Statistics
Compared to the nationwide median, Virginia households are 14.2% more likely to own their homes and have 3.92% higher monthly mortgage payments.
- 3.403 million total households live in Virginia.
- 2.307 million households in Virginia (67.8%) own their homes.
- 1.096 million households in Virginia (32.2%) rent their homes.
- The median monthly mortgage payment is $1,456.
- Monthly costs of homeownership (excluding mortgages) are a median $576; in homes with mortgages, the median monthly cost to owners is $2,032.
- The median gross rent in Virginia is $1,567 per month.
- Homeowning households in Virginia have an average of 2.60 residents; renting households average 2.26 residents.
- The homeowner vacancy rate in Virginia is 0.6%.
- Virginia’s rental vacancy is 4.9%.
Washington Homeowner vs. Renter Statistics
Compared to the nationwide median, Washington households are 2.36% less likely to own their homes and have 28.5% higher monthly mortgage payments.
- 3.101 million total households live in Washington.
- 1.976 million households in Washington (63.7%) own their homes.
- 1.126 million households in Washington (36.3%) rent their homes.
- The median monthly mortgage payment is $1,639.
- Monthly costs of homeownership (excluding mortgages) are a median $757; in homes with mortgages, the median monthly cost to owners is $2,396.
- The median gross rent in Washington is $1,731 per month.
- Homeowning households in Washington have an average of 2.61 residents; renting households average 2.22 residents.
- The homeowner vacancy rate in Washington is 0.8%.
- Washington’s rental vacancy is 5.7%.
West Virginia Homeowner vs. Renter Statistics
Compared to the nationwide median, West Virginia households are 12.7% more likely to own their homes and have 36.2% lower monthly mortgage payments.
- 743,644 total households live in West Virginia.
- 546,870 households in West Virginia (73.5%) own their homes.
- 196,774 households in West Virginia (26.5%) rent their homes.
- The median monthly mortgage payment is $814.
- Monthly costs of homeownership (excluding mortgages) are a median $394; in homes with mortgages, the median monthly cost to owners is $1,208.
- The median gross rent in West Virginia is $850 per month.
- Homeowning households in West Virginia have an average of 2.41 residents; renting households average 2.04 residents.
- The homeowner vacancy rate in West Virginia is 1.0%.
- West Virginia’s rental vacancy is 6.3%.
Wisconsin Homeowner vs. Renter Statistics
Compared to the nationwide median, Wisconsin households are 4.09% more likely to own their homes and have 22.5% lower monthly mortgage payments.
- 2.496 million total households live in Wisconsin.
- 1.695 million households in Wisconsin (67.9%) own their homes.
- 800,791 households in Wisconsin (32.1%) rent their homes.
- The median monthly mortgage payment is $988.
- Monthly costs of homeownership (excluding mortgages) are a median $641; in homes with mortgages, the median monthly cost to owners is $1,629.
- The median gross rent in Wisconsin is $1,071 per month.
- Homeowning households in Wisconsin have an average of 2.49 residents; renting households average 1.94 residents.
- The homeowner vacancy rate in Wisconsin is 0.6%.
- Wisconsin’s rental vacancy is 4.5%.
Wyoming Homeowner vs. Renter Statistics
Compared to the nationwide median, Wyoming households are 9.17% more likely to own their homes and have 13.3% lower monthly mortgage payments.
- 247,368 total households live in Wyoming.
- 176,197 households in Wyoming (71.2%) own their homes.
- 71,171 households in Wyoming (28.8%) rent their homes.
- The median monthly mortgage payment is $1,105.
- Monthly costs of homeownership (excluding mortgages) are a median $548; in homes with mortgages, the median monthly cost to owners is $1,653.
- The median gross rent in Wyoming is $1,000 per month.
- Homeowning households in Wyoming have an average of 2.40 residents; renting households average 2.07 residents.
- The homeowner vacancy rate in Wyoming is 0.7%.
- Wyoming’s rental vacancy is 6.6%.
Homeowner vs. Renter COVID Impact
Major economic events usually effect housing costs. The most recent economic upheaval surrounding the COVID-19 pandemic had a major impact on housing prices and affordability.
- Half of renter households and 40% of homeowners nationwide lost income between March 2020 and March 2021.
- Among those who received federal financial stimulus checks, 10.3% used at least some of their check to pay rent.
- 7.5% of stimulus check recipients used at least some of their check to make a mortgage payment.