Learn More: Homeownership
Homeownership Rate: The percentage of housing units occupied by the owner of the unit
American Community Survey, 5 year estimates, Table B25003
2006-2010, 2007-2011, 2008-2012, 2009-2013, 2010-2014, 2011-2015
Why is this Variable Important to Measure?
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.
Aaronson, Daniel. "A Note on the Benefits of Homeownership: A Note on the Benefits of Homeownership." Journal of Urban Economics, vol. 47, no. 3, 2000, pp. 356-69. Link
Dietza, Robert D. and Donald R. Haurin. "The social and private micro-level consequences of homeownership." Journal of Urban Economics, vol. 54, no. 3, 2003, pp. 401-50. Link
Callis, Robert, and Melissa Kresin. "Quarterly residential vacancies and homeownership." U.S. Department of Commerce, U.S. Census Bureau, 20 Jan. 2018. Link