Learn More: Homeownership

Metadata

Variable Definition:
Homeownership Rate: The percentage of housing units occupied by the owner of the unit
Source:
American Community Survey, 5 year estimates, Table B25003
Years Available:
2006-2010, 2007-2011, 2008-2012, 2009-2013, 2010-2014, 2011-2015
Geographic Unit
Census Tract

Why is this Variable Important to Measure?

Homeownership Rate
Homeownership is a staple of American culture and can provide benefits to both families and neighborhoods. Because homeowners have made a financial investment in their location, they move less frequently and usually take better care of their homes and properties than renters.
On the neighborhood level, homeowners are sometimes more likely to be engaged in local social and political activities that create stronger and more cohesive communities. School performance, crime rates, and economic development affect property values, so homeowners may be more invested in neighborhood development and improvement processes.
Since the Great Recession in 2008, homeownership rates have been declining across the country, particularly for younger generations. While renting provides flexibility and can be a good option for some, high rates of homeownership can create important neighborhood benefits and are a key measure of a stable economy.

Sources:
Aaronson, Daniel. "A Note on the Benefits of HomeownershipA Note on the Benefits of Homeownership." Journal of Urban Economics. 47.3 (2000): 356-69. Link
Dietza, Robert D. and Donald R. Haurin. "The social and private micro-level consequences of homeownership." Journal of Urban Economics. 54.3 (2003): 401-50. Link 
United States. Census Bureau. Quarterly Residential Vacancies and Homeownership. Washington D.C.: U.S. Department of Commerce, 2017. Link 
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