Photo: Kindel Media

Do more people rent or own?

As of 2019, 78.7 million out of a total 122.9 million households own their homes. 44.2 million households rent their homes.

ipropertymanagement.com - Homeowners vs Renters Statistics [2022]: by Year + Demographic

Can you put a toilet in a garden room without planning permission?

The answer in most cases in no, you do not need planning permission for a garden room with toilet. This is because our garden buildings are not...

Last updated Nov 27, 2021

What type of wood is used for headers?

Framing lumber, also known as structural wood, is the grade of wood used for house framing (studs, Larsen Trusses for Double-Stud walls, headers,...

Last updated Jul 14, 2020

Can I build my own shed?

Yes, with the right plans you can build your dream shed.

Learn More »

Promotion

Last Updated:

Highlights. 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). as of 2022’s first fiscal quarter (2022Q1), a 1.53% decline from the previous quarter (2021Q4). As of 2019, 78.7 million out of a total 122.9 million households own their homes. out of a total 122.9 million households own their homes. 44.2 million households rent their homes.

households rent their homes. 2.7% of occupied housing units are second homes.

of occupied housing units are second homes. 10.6% of all housing units are vacant, up 0.28% from the previous quarter. See related: Average Rent by Year | Renting Statistics | Rental Vacancy Rate | Public Housing and Section 8 Homeowners vs. Renters (2021Q4) Homeowners Renters Number of Households 78,716,628 44,086,224 Share of Households 64.1% 35.9% Average Monthly Payments $1,297 mortgage* $1,149 rent Total Monthly Housing Costs† $1,510 $1,301 Vacancy Rate 0.9% 6.2% Median Household Wealth $254,900 ($98,500 excluding home equity) $6,270

*Among households with at least one regular mortgage.

†Including insurance, taxes, and utilities.

Homeowners vs. Renters

While there are more homeowners than renters, the gap between them is shrinking as housing costs continue to climb. The median household wealth among homeowners is 3,965% higher than it is among renters. Excluding home equity, household wealth among homeowners is 1,469% higher than it is among renters. Renters are 89.9% more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).

The renter:owner ratio is 50.1%, its lowest since 2010 (49.56%).

Historically, the lowest renter:owner ratio was 44.9% in 2004.

The renter:owner ratio hit its 182.1% historic high in 2019.

Among military veterans, the renter:owner ratio is 45.0%.

Housing Affordability Among Homeowners vs. Renters

While homeowners and renters both experienced loss of income during the COVID-19 pandemic, renters are more likely to face housing cost burdens as defined by federal legislation. 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. More than 38 million or 31% of US households have housing cost burdens. After adjusting for inflation, the median rent payment rose 61% between 1960 and 2016 while the median renter income grew only 5%.

54% of renters spend over 30% of their household income on rent.

25% of renters spend more than 50% of their income on rent.

28% of homeowners spend more than 30% of their household income on mortgage payments.

Housing Vacancy Among Homeowners vs. Renters

Vacant does not necessarily mean availabile. Just 23.4% of vacancies are identified as available for rent or for sale.

Homeowner vacancy is 0.8% as of 2022Q1.

Rental vacancy is 5.8%, which is 86.2% higher than homeowner vacancy.

The annual average homeowner vacancy rate declined 7.7% from 2020 to 2021.

From 2019 to 2020, the average annual homeowner vacancy rate declined 29.09%.

The annual average renter vacancy rate increased 3.2% from 2020 to 2021.

From 2019 to 2020, the average annual rental vacancy rate declined 6.7%.

9.3% of all housing units are vacant.

20% of vacant units have been vacant for two years or more.

2.9% of vacant units have never been occupied.

89% of all housing units are occupied year-round.

1.9% are seasonally occupied, 74% of which are suitable for year-round use.

Homeowner vs. Renter Demographics

Renter households are more likely to be singles.

16.9 million or 38.3% of renting households are single occupant.

4 million renters (9.1%) and 48.2 million homeowners (61.2%) are married with both spouses present. Married couples include 195,000 renters (0.4%) and 499,000 homeowners (0.6%) who are same-sex married couples. 4 million renters and 3.6 million homeowners are unmarried couples with both partners present.

253,000 rentersand 221,000 homeowners were same-sex unmarried couples.

8 million veterans are homeowners compared to 3.6 million veterans who rent their homes. 585,000 active duty servicemembers owned their homes, compared to 533,000 active duty servicemembers who rented their homes.

Homeowner vs. Renter Household Wealth

Homeownership statistically reduces wealth inequality to a significant degree.

The median household wealth among renters is $6,270 or 5.1% of the median wealth among all households. The median household wealth among homeowners is $254,900 or 109% higher than the median household income among all households.

Excluding home equity, the median wealth among homeowners is $98,500.

White renters and homeowners have the highest median household wealth at $8,900 and $299,900, respectively. Black renters and homeowners have the lowest median household wealth at $1,830 and $113,130, respectively. Among Hispanic-identifying homeowners and renters, the median household wealth is $164,800 and $5,800, respectively. Among Asian and all other races, the median household wealth is $299,000 and $6,710 for homeowners and renters respectively.

Homeownership Statistics

Homeownership is in decline after a few years of modest gains.

82.5 million or 65.4% of occupied housing units are owner-occupied.

The homeownership rate outside of metropolitan statistical areas may be as high as 77%.

In 2021, the nationwide homeownership rate declined 3.7% year-over-year (YoY).

The number of owner-occupied units declined 4.0% YoY.

$309,800 is the median home price.

63% of homeowners have a mortgage.

Mortgage refinancing doubled to $2.4 trillion between 2019 and 2020.

Homeowner Demographics

Homeownership is in decline among all age groups, with people under 35 seeing the largest YoY decline. Homeownership among people over the age of 65 years is 79.6%. down 0.1% YoY.

Homeownership among 35- to 50-year-olds averages 63.1%, down 4.8% YoY.

37.8% of people under 35 years old are homeowners, down 6.9% YoY.

23.7% of people under the age of 25 years are homeowners, down 16.0% YoY.

60% of homeowning householders are married couples.

23.5% of homeowners are single women; 15% are single men.

75% of homeowners are white.

Homeowners 30 years old and younger live in 33% of owner-occupied housing units.

Homeownership rates are highest among 70- to 74-year-olds, with 82.3% owning homes.

The 45- to 64-year-old group, however, owns the largest portion of the market. 25- to 29-year-olds are the second-least likely to own a home with a 33.9% ownership rate.

24.3% of adults under 25 own homes.

Rental Statistics

Industry experts predict rental demand will climb over the next 5 years, with many high population areas already experiencing rental housing shortages.

40.7 million or 34.6% of occupied housing units are renter-occupied.

Rental vacancy is 6.2%.

17% of renter households were behind on their rental payments in 2021’s first financial quarter. 20.4 million or 46% of renters spend more than 30% of their household income on rent. 10.5 million or 24% of renters pay more than 50% of their household income to rent their home.

28% of renter-occupied homes are detached single family units.

42% of renters live in single family homes.

17.5% of renters live in 2- to 4-unit buildings.

65% of single family home renters live in a house with 1 or 2 bedrooms; 25% live in homes with 3 bedrooms.

Renter Demographics

The average renter is a single vehicle-owning 42-year-old white female living alone in a complex with 5 units or more.

5.4 million aparment households are single women.

26% of renting householders are married couples.

42.5% of renters are single women; 31.5% are single men.

$36,000 is the median annual household income among renting households.

51% of renters are white.

Renters 30 years old and younger live in 49% of renter-occupied units.

37% of renting households are single-person.

32% of renting households include children.

10% of renters say there is a lot of serious crime in their neighborhood; 25% report a lot of petty crime. Cities Where Renters Have the Largest Majority Waterbury, CT 60.8% Springfield, MO 59.1% Fayetteville, NC 56.4% Birmingham, AL 56.2% Yonkers, NY 54.9% Irvine, CA 54.3% Lowell, MA 53.3% Downey, CA 53.2% Boulder, CO 53.2% Fargo, ND 52.9%

Homeowners vs. Renters by State

The larger a state’s population is, the more its residents tend to rent their homes. Interestingly, a state’s gross domestic product per capita appears to have little to do with homeownership rates.

New Jersey has the highest difference between mortgage and rent at $1,063.

Florida has the lowest difference at $228.

People living in West Virginia, Maine, and Minnesota are most likely to own their home. People living in the District of Columbia, New York, and California are most likely to rent. In March 2021, North Dakota, Arizona, Indiana, Colorado, and Michigan had the highest rate of renters and homeowners facing the likelihood of eviction or foreclosure. Homeowners vs. Renters by State State Total Households %Owning : %Renting‡ Alabama 1,897,576 69% : 31% Alaska 252,199 65% : 35% Arizona 2,670,441 65% : 35% Arkansas 1,163,647 66% : 35% California 13,157,873 55% : 45% Colorado 2,235,103 66% : 34% Connecticut 1,377,166 65% : 35% Delaware 376,239 70% : 30% D.C. 291,570 42% : 59% Florida 7,905,832 66% : 34% Georgia 3,852,714 64% : 36% Hawaii 465,299 60% : 40% Idaho 655,859 72% : 28% Illinois 4,866,006 66% : 34% Indiana 2,597,765 69% : 31% Iowa 1,287,221 71% : 30% Kansas 1,138,329 67% : 34% Kentucky 1,748,732 67% : 33% Louisiana 1,741,076 67% : 34% Maine 573,618 72% : 28% Maryland 2,226,767 67% : 33% Massachusetts 2,650,680 62% : 38% Michigan 3,969,880 72% : 28% Minnesota 2,222,568 72% : 28% Mississippi 1,100,229 67% : 33% Missouri 2,458,337 67% : 33% Montana 437,651 67% : 33% Nebraska 771,444 66% : 34% Nevada 1,143,557 57% : 43% New Hampshire 541,396 71% : 29% New Jersey 3,286,264 63% : 37% New Mexico 793,420 68% : 32% New York 7,446,812 54% : 47% North Carolina 4,046,348 65% : 35% North Dakota 323,519 61% : 39% Ohio 4,730,340 66% : 34% Oklahoma 1,495,151 66% : 35% Oregon 1,649,352 63% : 37% Pennsylvania 5,119,249 68% : 32% Puerto Rico 1,170,982 69% : 31% Rhode Island 407,174 62% : 38% South Carolina 1,975,915 70% : 30% South Dakota 353,799 68% : 32% Tennessee 2,654,737 67% : 34% Texas 9,985,126 62% : 38% Utah 1,023,855 71% : 29% Vermont 262,767 71% : 29% Virginia 3,191,847 66% : 34% Washington 2,932,477 63% : 37% West Virginia 728,175 73% : 27% Wisconsin 2,386,623 67% : 33% Wyoming 233,128 72% : 28%

‡Percentages may not total 100 due to rounding.

Alabama Homeowner vs. Renter Statistics

Alabama households are 7.3% more likely to own their homes; the median monthly mortgage payment in Alabama is 24.6% lower than the nationwide average.

1,897,576 million total households in Alabama have an average of 2.6 occupants.

1,305,532 million or 68.8% of households in Alabama own their homes.

592,044 or 31.2% of households rent their homes.

The median gross rent in Alabama is $807.00 per month.

The median monthly mortgage payment is $1,147.

The homeowner vacancy rate is 1.3%.

Rental vacancy is 12.8%.

Alaska Homeowner vs. Renter Statistics

Alaska households are 0.9% more likely to own their homes; the median monthly mortgage payment in Alaska is 25.4% higher than the median mortgage payment nationwide.

252,199 total households in Alaska have an average of 2.9 occupants.

163,173 or 64.7% of households in Alaska own their homes.

89,026 or 35.3% of households rent their homes.

The median gross rent in Alaska is $1,201 per month.

The median monthly mortgage payment is $1,907.

The homeowner vacancy rate is 0.7%.

Rental vacancy is 3.9%.

Arizona Homeowner vs. Renter Statistics

Arizona households are 1.9% more likely to own their homes; the median monthly mortgage payment in Arizona is 8.3% lower than the median mortgage payment nationwide.

2,670,441 total households in Arizona have an average of 2.7 occupants.

1,743,798 or 65.3% of households in Arizona own their homes.

926,643 or 34.7% of households rent their homes.

The median gross rent in Arizona is $1,101 per month.

The median monthly mortgage payment is $1,394.

The homeowner vacancy rate is 1.0%.

Rental vacancy is 4.7%.

Arkansas Homeowner vs. Renter Statistics

Arkansas households are 2.2% more likely to own their homes; the median monthly mortgage payment in Arkansas is 29.6% lower than the median mortgage payment nationwide.

1,163,647 total households in Arkansas have an average of 2.6 occupants.

762,189 or 65.5% of households in Arkansas own their homes.

401,458 or 34.5% of households rent their homes.

The median gross rent in Arkansas is $742.00 per month.

The median monthly mortgage payment is $1,071.

The homeowner vacancy rate is 0.8%.

Rental vacancy is 6.8%.

California Homeowner vs. Renter Statistics

California households are 14.4% less likely to own their homes; the median monthly mortgage payment in California is 50.1% more expensive than the median mortgage payment nationwide.

13,157,873 total households in California have an average of 3.0 occupants.

How much can a 10X12 shed hold?

10X12 Wood Shed Facts at a Glance Best uses: Storing rakes, shovels, lawnmowers, bicycles, storage bins, snow blowers, wheelbarrows and seasonal...

Last updated Nov 25, 2018

What is the sofa color for 2022?

Sofa Colours For 2022 Neutral colours will always be a popular and practical choice for sofas, and that isn't about to change, with white, cream,...

Last updated Oct 4, 2019

Are shed plans easy to follow?

These are! They guide you every step of the way to complete your dream shed.

Learn More »

Promotion

7,223,672 or 54.9% of households in California own their homes.

5,934,201 or 45.1% of households rent their homes.

The median gross rent in California is $1,614 per month.

The median monthly mortgage payment is $2,282.

The homeowner vacancy rate is 0.8%.

Rental vacancy is 4.8%.

Colorado Homeowner vs. Renter Statistics

Colorado households are 2.8% more likely to own their homes; the median monthly mortgage payment in Colorado is 10.5% higher than the median mortgage payment nationwide.

2,235,103 total households in Colorado have an average of 2.6 occupants.

1,472,933 or 65.9% of households in Colorado own their homes.

762,170 or 34.1% of households rent their homes.

The median gross rent in Colorado is $1,681 per month.

The median monthly mortgage payment is $1,681.

The homeowner vacancy rate is 1.2%.

Rental vacancy is 4.1%.

Connecticut Homeowner vs. Renter Statistics

Connecticut households are 1.4% more likely to own their homes; the median monthly mortgage payment in Connecticut is 37.8% higher than the median mortgage payment nationwide.

1,377,166 total households in Connecticut have an average of 2.6 occupants.

895,158 or 65.0% of households in Connecticut own their homes.

482,008 or 35.0% of households rent their homes.

The median gross rent in Connecticut is $1,777 per month.

The median monthly mortgage payment is $2,096.

The homeowner vacancy rate is 0.6%.

Rental vacancy is 5.4%.

Delaware Homeowner vs. Renter Statistics

Delaware households are 9.7% more likely to own their homes; the median monthly mortgage payment in Delaware is 2.8% higher than the median mortgage payment nationwide.

376,239 total households in Delaware have an average of 1.9 occupants.

264,496 or 70.3% of households in Delaware own their homes.

111,743 or 29.7% of households rent their homes.

The median gross rent in Delaware is $1,116 per month.

The median monthly mortgage payment is $1,563.

The homeowner vacancy rate is 1.0%.

Rental vacancy is 3.8%.

District of Columbia Homeowner vs. Renter Statistics

District of Columbia households are 35.3% less likely to own their homes; the median monthly mortgage payment in D.C. is unavailable, but the median gross rent is 55.0% higher than the nationwide median. 291,570 total households in District of Columbia (D.C.) have an average of 3.3 occupants.

121,002 or 41.5% of households in D.C. own their homes.

170,568 or 58.5% of households rent their homes.

The median gross rent in D.C. is $1,603 per month.

The median monthly mortgage payment is unavailable.

The homeowner vacancy rate is 1.1%.

Rental vacancy is 11.0%.

Florida Homeowner vs. Renter Statistics

Florida households are 3.3% more likely to own their homes; the median monthly mortgage payment in Florida is 3.6% lower than the median mortgage payment nationwide.

7,905,832 total households in Florida have an average of 2.7 occupants.

5,233,661 or 66.2% of households in Florida own their homes.

2,672,171 or 33.8% of households rent their homes.

The median gross rent in Florida is $1,238 per month.

The median monthly mortgage payment is $1,466.

The homeowner vacancy rate is 1.0%.

Rental vacancy is 7.5%.

Georgia Homeowner vs. Renter Statistics

Georgia households are as likely to own their homes as the average American household; the median monthly mortgage payment in Georgia is 9.1% lower than the median mortgage payment nationwide.

3,852,714 total households in Georgia have an average of 2.8 occupants.

2,469,590 or 64.1% of households in Georgia own their homes.

1,383,124 or 35.9% of households rent their homes.

The median gross rent in Georgia is $1,049 per month.

The median monthly mortgage payment is $1,383.

The homeowner vacancy rate is 0.9%.

Rental vacancy is 5.5%.

Hawaii Homeowner vs. Renter Statistics

Hawaii households are 6.1% less likely to own their homes; the median monthly mortgage payment in Hawaii is 54.5% higher than the median mortgage payment nationwide.

465,299 total households in Hawaii have an average of 3.0 occupants.

280,110 or 60.2% of households in Hawaii own their homes.

185,189 or 39.8% of households rent their homes.

The median gross rent in Hawaii is $1,651 per month.

The median monthly mortgage payment is $2,350.

The homeowner vacancy rate is 0.6%.

Rental vacancy is 6.8%.

Idaho Homeowner vs. Renter Statistics

Idaho households are 11.7% more likely to own their homes; the median monthly mortgage payment in Idaho is 19.2% lower than the median mortgage payment nationwide.

655,859 total households in Idaho have an average of 2.7 occupants.

469,595 or 71.6% of households in Idaho own their homes.

186,264 or 28.4% of households rent their homes.

The median gross rent in Idaho is $880.00 per month.