Homeownership Statistics (2024)
In addition to considering the costs of owning a home, homeownership trends based on your age, location, and living preferences can help inform your decision as a first-time homebuyer.
Owning a home grants a certain confidence and responsibility. To better understand how homeownership has evolved in the United States in recent years, we analyzed U.S. Census Bureau data, industry research, and consumer surveys.
Explore key statistics with us to discover trends in homeownership among states, ages, and genders. We also break down common homeownership costs. Our insights can help inform your homeownership experience no matter what stage you’re in—whether you’re an aspiring homeowner or ready to book a moving company to settle into your new home.
Key Findings
Homeownership in the United States
Fourth quarter 2023 U.S. Census Bureau data indicated a 65.7% homeownership rate. The second and fourth quarters of 2004 saw the highest homeownership rate (69.2%), but a 12-year downward trend left homeownership rates at 62.9% in 2016’s second quarter. The homeowner vacancy rate was 0.9% in Q4 2023, statistically unchanged from one quarter and one year prior.
The annual 2023 National Association of Realtors (NAR) Profile of Home Buyers and Sellers survey revealed the following insights:
- In 2023, 59% of homebuyers were married couples, the lowest share since 2010.
- Seven in 10 homebuyers (the highest share recorded) didn’t have a child under the age of 18 living at home.
- More than 80% of homebuyers identified as white/Caucasian, compared to 7% or fewer who identified as Hispanic/Latino, Black/African American, Asian/Pacific Islander, or another race.
- Homebuyers who identified as heterosexual comprised 88% of the total home-purchasing population.
A majority of Americans, including more than 50% of white adults, Black adults, Hispanic adults, Republicans, and adults older than 30, would prefer to live in a larger house spread out from neighbors and several miles from local amenities, according to a Pew Research Center April 2023 survey. Most Asian adults, Democrats, and adults under 30 prefer the opposite.
First-Time Homeowner Statistics
According to the NAR 2023 Profile of Home Buyers and Sellers survey, the share of first-time homebuyers increased to 32% in 2023, still six percentage points below the 1981 average, the highest on record. A NAR report summarizing data from the 2022 Profile of Home Buyers and Sellers indicated the share of first-time homebuyers was highest (50%) in 2010 when the First-Time Homebuyer Credit Act expired.
The typical age of a first-time homebuyer in 2023 was 35. The average age of a first-time homebuyer in 2022 was 36, the highest since 1981. Six in 10 first-time homebuyers cited owning their own home as the primary reason for buying a home.
Homeownership Rate by State
Data from the U.S. Census Bureau indicated homeownership rates in the fourth quarter of 2023 neared 70% in the Midwest and 68% in the South. Homeownership rates weren’t statistically different from each other in the Northeast and West at roughly 61.5%.
Homeownership rates in the South were higher in the last quarter of 2023 than one year prior. This data also reported homeowner vacancy rates were higher in the South, but there’s no statistical difference between rates in the South, West, Northeast, and Midwest.
States With the Highest Homeownership Rates
The following states have the highest homeownership rates in the country:
- West Virginia (79.4%)
- Delaware (76.2%)
- Michigan (75.9%)
- Vermont (74.9%)
- Wyoming (74.4%)
- Mississippi (74.3%)
- Montana (74.1%)
- Minnesota (73.9%)
- New Hampshire (73.7%)
- Alabama (73.6%)
States With the Lowest Homeownership Rates
The following states and Washington, D.C., have the lowest homeownership rates:
- Washington, D.C. (38.2%)
- New York (51.2%)
- California (56%)
- New Jersey (60.5%)
- Nevada (62%)
- Colorado (62.7%)
- Hawaii (62.8%)
- Massachusetts (62.8%)
- Oregon (63.2%)
- Rhode Island (63.2%)
- Texas (63.2%)
Gender Gap in Homeownership
U.S. Census data from 2022 indicated that unmarried women owned 58% of the 35.2 million homes owned by unmarried Americans, compared to 42% of single men. Single women owned 64% of the 25 million homes owned by unmarried Americans more than two decades prior in 2000. These findings attribute the distinction in homeownership to the sheer number of single women compared to single men. Per the Centers for Disease Control and Prevention (CDC), women also tend to live longer than men.
According to the 2023 NAR Profiles of Home Buyers and Sellers survey, 19% of recent homebuyers were single women, compared to 10% who were single men. The highest share of female homebuyers occurred in 2006, at 22%. Women’s top four reasons for buying a home include the desire to own their own home (29%), wanting to be close to friends and family (16%), a family situation change (12%), and retirement (4%).
Average Age of Homeowners
According to recent Census data on homeownership rates among all ages, 79% of adults 65 years and older own a home. Only 38.1% of adults under the age of 35 own a home. Although homeownership rates among adults under 25 decreased by 3.2% from 2022 to 2023, rates were statistically unchanged across all other age groups.
Additional historical Census data indicated that homeownership among varying age groups has changed little since 2019. Homeownership among adults under 29 declined slightly from 2022 to 2023. Historically (with a minor exception in the second quarter of 2019), 60% or more of adults aged 35–44 owned a home. That percentage increases by about 10 points in the next age group bracket (45 to 54) and climbs with age.
Costs of Owning a Home
According to Zillow’s calculations, hidden homeownership expenses in 2023 total more than $14,000, or $1,180 per month. Unexpected expenses could threaten the average homeowner’s budget. Factors contributing to unexpected bills include the home’s age, location, and material construction, and any home warranty coverage.
Examples of ancillary homeownership costs include the following:
- Homeowners insurance: On average, homeowners insurance costs 0.5% of a home’s purchase value. Premiums are often higher in areas prone to fires, tornados, hurricanes, floods, and other natural disasters.
- Maintenance: Per Thumbtack’s Home Care Price Index data released in 2024, home maintenance costs averaged $6,543.50 in 2023.
- Property taxes: Exact costs depend on state regulations, but aiming for the national average of $2,827 per year is a good starting point.
- Utilities: Utilities include water, sewer, garbage, electricity, natural gas, cable, and internet. Landlords may bundle some utilities with rent.
Homeowners association (HOA) fees, pest control, landscaping, and home warranty coverage can also drive up the price of homeownership. The best home warranty companies can help you reduce costs—and stress—in the event of unexpected appliance and system breakdowns. Weigh the cost of an annual plan against potential repair and replacement costs for the next year to determine whether a home warranty is worth it.
Final Take
Prepare for homeownership by reviewing your finances and outlining the multiple facets and corresponding costs of owning a home. Purchasing a home with more room in your budget can bring financial peace of mind and stability to your homeownership experience.
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