How Many Homeowners Are There In The U.S.? 51+ Statistics! (2023)

FAQs

How many people in the US don't own a home? ›

64% of Americans own real estate. 35% of the American population does not own their own homes. Homeownership rates have increased to nearly 65% in the US since the 1940s.

The homeownership rate in the United States amounted to 65.5 percent in 2021. The homeownership rate is the proportion of occupied households which are occupied by the owners.

Homeowner vs. renter statistics reflect a decline in homeownership, with 35% of American households renting their home. The nationwide homeownership rate was 65.4% as of 2022's first fiscal quarter (2022Q1), a 1.53% decline from the previous quarter (2021Q4).

Key homeownership statistics

Homeownership rates in the U.S. began at 65.3% in the first quarter of 2020 and ended at 65.5% by the fourth quarter of 2021. The young adult homeownership rate dropped 10% between 1960 and 2017, reflecting a shift toward renting.

65.8 percent of all Americans live in their own home as of 2022 that's about 230 Million Americans.

What percentage of America is debt-free? According to that same Experian study, less than 25% of American households are debt-free. This figure may be small for a variety of reasons, particularly because of the high number of home mortgages and auto loans many Americans have.

The U.S. homeownership rate surged 1.3% to 65.5% in 2020 – the highest annual rise ever – as 2.6 million more households became homeowners compared to 2019. Though, the homeownership rate for Black Americans (43.4%) is lower than in 2010 (44.2%) and nearly 30 percentage points less than White Americans (72.1%).

Houses are expensive — and Generation Z will soon discover homebuying is not what it used to be. Those born between 1997 and 2012 are dubbed Generation Z or “Zoomers”– and 86% of them want to buy a home with 45% wanting to do it in the next five years, according to a survey conducted by Rocket Mortgage.

In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old. A whopping 64% of millennials who own homes regret their purchase of a home.

What percentage of Americans have no mortgage? ›

In the US, 38% of homes are free of mortgages giving their owners peace of mind during these trying financial times.

According to ATTOM Data Research, only "34 percent of all American homeowners have 100 percent equity in their properties — they've either paid off their entire mortgage debt or they never had a mortgage".

The homeownership rate of 65.8 percent was not statistically different from the rate in the second quarter 2021 (65.4 percent) and not statistically different from the rate in the first quarter 2022 (65.4 percent).

Romania has the highest homeownership rate in the world. In the most recent study conducted in 2019, nearly 96.1% of all buildings in a residential area were owned, leaving just 3.9% of the residential area open to renters.

According to our real-life studies, turns out most people can expect to own three homes during their lifetimes. Home #1: Statistics show the average age at which Americans purchase their first home is 27.

Home Ownership Rate in the United States averaged 65.25 percent from 1965 until 2022, reaching an all time high of 69.20 percent in the second quarter of 2004 and a record low of 62.90 percent in the second quarter of 1965.

Key Findings

The average cardholder had $5,769 in credit card debt in Q1 2022, up from $5,611 in Q1 2021. Individuals 75 or older had the most debt ($8,100), and those under 35 had the least ($3,700).

In their 2021 State of Credit Report, Experian reports that the average mortgage debt among Americans is $220,380. That's up from the average mortgage debt reported by Experian in 2020: $208,185.

How much does the average American have in savings? ›

Among all home buyers, White/Caucasian home buyers made up the largest share at 82%, followed by Hispanic/Latino (7%), Asian/Pacific Islander (6%), Black/African American (6%), and Other at 2%.

The LendingTree study cites several reasons for the race gap in homeownership, including the difference in median household income. The national median household income for those who identify as Black is $45,870, according to the Census Bureau, nearly $30,000 less than the $74,912 median income for White households.

65- to 74-year-olds have the highest homeownership rate among all age groups at 79.5%. The median age among homeowners has increased 21.3% since 2001. 56.9% of homeowners aged 30 to 34 years old have been in their homes for 3 years or less.

“Non-homeowners cite insufficient income, high home prices, and not being able to afford a down payment or closing costs as the most common barriers to becoming a homeowner,” Bankrate.com's chief financial analyst, Greg McBride, said in a statement.

Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, with the generation typically being defined as people born from 1981 to 1996.

Gen Zers—those born after 1996 and the most technological generation—may already be parents or are years away from having their first child. But either way, experts believe Generation Z parents might have an upper hand in parenting than previous generations.

According to NAHB estimates, the total count of second homes was 7.4 million, accounting for 5.6% of the total housing stock in 2016. This analysis focuses on the number and location of second homes qualified for the home mortgage interest deduction using the Census Bureau's 2016 American Community Survey (ACS).

While 80 percent of the population would prefer to live in a single-family home, seven in ten Americans (70 percent) actually do. Apartment and condo living is only preferred by 8 percent of the population, yet two in 10 Americans (17 percent) live in an apartment or condo.

In March 2021, there were 59.7 million U.S. residents who lived with multiple generations under one roof, compared with 58.4 million in 2019, according to a Pew Research Center analysis of census data. The share of the U.S. population living in multigenerational households in 2021 was 18%.

Are most landlords rich? ›

2. Landlords Have an Average Income of $97,000 a Year. While landlords might bring in cash from several sources, their income levels tend to be solid. While the real median household income is just shy of $62,000, landlords bring in closer to $97,000 annually through all of their income sources.

We found that only 21 cities in the country are renter-majority, but 206 cities are filled with more than 33% of residents who rent rather than own." College Station-Bryan, Texas tops the list with a renter population of 59.1%, followed by Athens-Clarke County, Ga. at 57.5% and Killeen, Texas at 56.0%.

According to the US Census, the total percentage of homeowners mortgage in the US is 64.8% Most buyers need a mortgage to buy a home due to increasing property prices and a sudden change in circumstances.

You should aim to have everything paid off, from student loans to credit card debt, by age 45, O'Leary says. “The reason I say 45 is the turning point, or in your 40s, is because think about a career: Most careers start in early 20s and end in the mid-60s,” O'Leary says.

The national rate of homeownership in the US is 64.8%. First-time buyers make up only 33% of all home buyers.

Paying off your mortgage early can save you a lot of money in the long run. Even a small extra monthly payment can allow you to own your home sooner. Make sure you have an emergency fund before you put your money toward your loan.

The most common mortgage term in the U.S. is 30 years. A 30-year mortgage gives the borrower 30 years to pay back their loan. Most people with this type of mortgage won't keep the original loan for 30 years. In fact, the typical mortgage length, or average lifespan of a mortgage, is under 10 years.

What are the benefits of being mortgage free? Having more disposable income, and no interest to pay, are just some of the great benefits to being mortgage free. When you pay off your mortgage, you'll have much more money to put into savings, spend on yourself and access when you need it.

The survey, "Retirement and Mortgages," by national mortgage banker American Financing, found 44 percent of Americans between the ages of 60 and 70 have a mortgage when they retire, and as many as 17 percent of those surveyed say they may never pay it off.

The national average homeownership rate is 65.8% as of 2022's second financial quarter (2022Q2). The homeownership rate declined in 82% of states between 2005 and 2020. West Virginia has the highest homeownership rate nationwide at 77.8%. New York has the lowest homeownership rate among states at 53.6%.

How many people in the US don't own a home? ›

64% of Americans own real estate. 35% of the American population does not own their own homes. Homeownership rates have increased to nearly 65% in the US since the 1940s.

The latest surveys have millennial homeownership at 47.9%. That means the number of millennials that own their own home is estimated to be 34.5 million. That number is projected to rise even further in the coming years. Despite the promising numbers, 52.1% of millennials still do not own their own homes.

The share of Russians who own an apartment or a house is relatively high and amounts to about 54 percent. About 11 percent reside in a rented apartment or house. The rest live with their relatives or friends. There are several major types of apartment blocks common in Russia.

90% of families in the country own their home, giving China one of the highest home ownership rates in the world. What's more is that 80% of these homes are owned outright, without mortgages or any other liens. On top of this, north of 20% of urban households own more than one home.

The study found that U.S. homeowner tenure dipped a bit in November 2021, when the typical homeowner had spent 13.2 years in their home — down from 13.5 years in November 2020, and the first drop in tenure length since 2012, when the average was 10.1 years.

The average length of homeownership is 16 years, with lower-earning and less educated householders more likely to remain in their homes longer. 42.3% of homeowners have lived in their current home for less than 10 years. 8.6% of homeowners have lived in their home for 40 years or more.

Homeownership rates in the U.S. began at 65.3% in the first quarter of 2020 and ended at 65.5% by the fourth quarter of 2021.

In the US, 38% of homes are free of mortgages giving their owners peace of mind during these trying financial times.

According to ATTOM Data Research, only "34 percent of all American homeowners have 100 percent equity in their properties — they've either paid off their entire mortgage debt or they never had a mortgage".

What percent of 30 year olds own a home? ›

In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old. A whopping 64% of millennials who own homes regret their purchase of a home.

You should aim to have everything paid off, from student loans to credit card debt, by age 45, O'Leary says. “The reason I say 45 is the turning point, or in your 40s, is because think about a career: Most careers start in early 20s and end in the mid-60s,” O'Leary says.

The national rate of homeownership in the US is 64.8%. First-time buyers make up only 33% of all home buyers.

the average mortgage debt held by American homeowners has risen 14%, according to Experian data. At the end of 2021, the average mortgage balance was $223,952 in the U.S., up from an average of $196,403 for the same time period in 2017.

The most common mortgage term in the U.S. is 30 years. A 30-year mortgage gives the borrower 30 years to pay back their loan. Most people with this type of mortgage won't keep the original loan for 30 years. In fact, the typical mortgage length, or average lifespan of a mortgage, is under 10 years.

What are the benefits of being mortgage free? Having more disposable income, and no interest to pay, are just some of the great benefits to being mortgage free. When you pay off your mortgage, you'll have much more money to put into savings, spend on yourself and access when you need it.

Paying off your mortgage early can be a wise financial move. You'll have more cash to play with each month once you're no longer making payments, and you'll save money in interest. Making extra mortgage payments isn't for everyone, though. You may be better off focusing on other debt or investing the money instead.

In fact, “18% of millennial renters say they plan to rent forever” (up from 11% in 2018), according to research from Apartment List. This is excellent news if you're a real estate investor, but not so much if you're the average American trying to buy a home.

According to a National Association of Realtors survey, the typical age of first-time home purchasers has risen to 33, the oldest in data dating back to 1981.

How many homes does the average person own in a lifetime? ›

According to our real-life studies, turns out most people can expect to own three homes during their lifetimes. Home #1: Statistics show the average age at which Americans purchase their first home is 27.

2. Landlords Have an Average Income of $97,000 a Year. While landlords might bring in cash from several sources, their income levels tend to be solid. While the real median household income is just shy of $62,000, landlords bring in closer to $97,000 annually through all of their income sources.

We found that only 21 cities in the country are renter-majority, but 206 cities are filled with more than 33% of residents who rent rather than own." College Station-Bryan, Texas tops the list with a renter population of 59.1%, followed by Athens-Clarke County, Ga. at 57.5% and Killeen, Texas at 56.0%.