Housing Facts

Homeownership is fundamental to the American economy and to the well-being of American families.

The value of homeownership exceeds economic return. Owning one’s home results in improved health and educational outcomes for homeowners and their children, higher civic involvement, and lower crime rates. Increasing homeownership benefits communities by increasing property values and catalyzing additional investment. Since homeowners are less transient than renters, there is a collective benefit to municipalities through population stability and a more predictable tax base.

Homeownership is an effective way to store and grow financial resources through the appreciation of a real asset – the largest single asset for low-income families. In fact, for low-income families, home equity accounts for 50 percent or more of net worth. Leveraging the value of their home has enabled families to invest in quality of life improvements including their children’s education, sparing them the handicap of high debt and financial dependency as they enter adulthood.

United States Homeownership Rate 1965 Q1 to 2019 Q3

The homeownership rate is the proportion of households that is owner-occupied. Data source: U.S. Census Bureau.

United States Homeownership Rate by Race 1965 Q1 to 2019 Q3

These graphs illustrate homeownership trends by racial classification (as classified by the U.S. Census Bureau) from the first quarter of 1994 through the third quarter of 2019.

Homeownership Rates by Classification of Census Race - Five Year Change

The maps below illustrate the estimated percent change in count of households with a White householder, Black or African American householder, and Hispanic or Latino householder by single classification of Census race, who are owner households between the periods of 2009-2013 and 2014-2018. The US Census Bureau identifies the householder as the person in whose name the home is owned. (NOTE: If there is no such person present, any household member 15 years and older can serve as the householder for the purposes of the Census.)

Positive changes in the rates of homeownership between the five-year periods (2009-2013 and 2014-2018) are illustrated by darker shades of blue. Deeper shades of yellow indicate decreasing rates of homeownership from period to period.

Percentage Change in White Homeownership by State Between the Periods 2009-2013 and 2014-2018

Please contact us for more information or analysis by tract (e.g. City, County, Electoral District).

Percentage Change in Hispanic or Latino Homeownership by State Between the Periods 2009-2013 and 2014-2018

Please contact us for more information or analysis by tract (e.g. City, County, Electoral District).

Percentage Change in Black or African-American Homeownership by State Between the Periods 2009-2013 and 2014-2018

Please contact us for more information or analysis by tract (e.g. City, County, Electoral District).

Changes to the Rental Market

Changes to the market rate of rental housing relative to changes in median income illustrate the affordability crisis affecting many Americans.

Inflation-Adjusted Rent

Since 1960, inflation-adjusted rents have increased by approximately 64%.

Data sources: U.S. Census and American Community Surveys

Image credit: ApartmentList

Changes to Median Rent and Income

The median cost of renting has risen while the median household income has fallen, magnifying the affordability impact.

Data sources: U.S. Census and American Community Surveys

Image credit: ApartmentList