Homeownership rate in the U.S. 2012-2023
The homeownership rate in the United States amounted to nearly 66 percent in the second quarter of 2023. While there are many factors that affect people’s decision to buy a house, the recent increase can be attributed to the higher mortgage interest rates, which make taking out a mortgage less affordable for potential buyers, especially considering the surge in house prices in recent years.
Which factors affect homeownership?
Age and ethnicity have a strong correlation with homeownership. Baby boomers, for example, are twice as likely to own their home than Millennials. Also, the homeownership rate among white Americans is substantially higher than among any other ethnicity.
How does the U.S. homeownership rate compare with other countries?
Having a home is an integral part of the “American Dream”. Compared with selected European countries, the U.S. ranks alongside the United Kingdom, Cyprus, and Ireland. Many countries in Europe, however, exceed 80 percent homeownership rate.
