Homeowners vs Renters Statistics

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 2019, 78.7 million out of a total 122.9 million households own their homes.
• 44.2 million households rent their homes.
• 2.7% of occupied housing units are second homes.
• 10.6% of all housing units are vacant, up 0.28% from the previous quarter.

 

*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.

 

 

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.

 

 

‡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.
• 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.
• The median monthly mortgage payment is $1,228.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 4.0%.

 

Illinois Homeowner vs. Renter Statistics

Illinois households are 3.0% more likely to own their homes; the median monthly mortgage payment in Illinois is 9.7% higher than the median mortgage payment nationwide.

• 4,866,006 total households in Illinois have an average of 2.6 occupants.
• 3,211,564 or 66.0% of households in Illinois own their homes.
• 1,654,442 or 34.0% of households rent their homes.
• The median gross rent in Illinois is $1,020 per month.
• The median monthly mortgage payment is $1,668.
• The homeowner vacancy rate is 1.1%.
• Rental vacancy is 8.0%.

 

Indiana Homeowner vs. Renter Statistics

Indiana households are 8.1% more likely to own their homes; the median monthly mortgage payment in Indiana is 25.7% lower than the median mortgage payment nationwide.

• 2,597,765 total households in Indiana have an average of 2.6 occupants.
• 1,800,251 or 69.3% of households in Indiana own their homes.
• 797,514 or 30.7% of households rent their homes.
• The median gross rent in Indiana is $840.00 per month.
• The median monthly mortgage payment is $1,130.
• The homeowner vacancy rate is 0.8%.
• Rental vacancy is 7.8%.

 

Iowa Homeowner vs. Renter Statistics

Iowa households are 10.0% more likely to own their homes; the median monthly mortgage payment in Iowa is 18.8% lower than the median mortgage payment nationwide.

• 1,287,221 total households in Iowa have an average of 2.5 occupants.
• 907,491 or 70.5% of households in Iowa own their homes.
• 379,730 or 29.5% of households rent their homes.
• The median gross rent in Iowa is $808.00 per month.
• The median monthly mortgage payment is $1,234.
• The homeowner vacancy rate is 1.1%.
• Rental vacancy is 7.6%.

 

Kansas Homeowner vs. Renter Statistics

Kansas households are 3.7% more likely to own their homes; the median monthly mortgage payment in Kansas is 11.3% lower than the median mortgage payment nationwide.

• 1,138,329 total households in Kansas have an average of 2.6 occupants.
• 756,989 or 66.5% of households in Kansas own their homes.
• 381,340 or 33.5% of households rent their homes.
• The median gross rent in Kansas is $862.00 per month.
• The median monthly mortgage payment is $1,349.
• The homeowner vacancy rate is 0.5%.
• Rental vacancy is 8.3%.

 

Kentucky Homeowner vs. Renter Statistics

Kentucky households are 4.5% more likely to own their homes; the median monthly mortgage payment in Kentucky is 23.8% lower than the median mortgage payment nationwide.

• 1,748,732 total households in Kentucky have an average of 2.6 occupants.
• 1,171,650 or 67.0% of households in Kentucky own their homes.
• 577,082 or 33.0% of households rent their homes.
• The median gross rent in Kentucky is $773.00 per month.
• The median monthly mortgage payment is $1,158.
• The homeowner vacancy rate is 1.0%.
• Rental vacancy is 6.8%.

 

Louisiana Homeowner vs. Renter Statistics

Louisiana households are 3.7% more likely to own their homes; the median monthly mortgage payment in Louisiana is 16.7% lower than the median mortgage payment nationwide.

• 1,741,076 total households in Louisiana have an average of 2.7 occupants.
• 1,157,816 or 66.5% of households in Louisiana own their homes.
• 583,260 or 33.5% of households rent their homes.
• The median gross rent in Louisiana is $866.00 per month.
• The median monthly mortgage payment is $1,267.
• The homeowner vacancy rate is 1.2%.
• Rental vacancy is 6.1%.

 

Maine Homeowner vs. Renter Statistics

Maine households are 12.6% more likely to own their homes; the median monthly mortgage payment in Maine is 9.2% lower than the median mortgage payment nationwide.

• 573,618 total households in Maine have an average of 2.3 occupants.
• 414,152 or 72.2% of households in Maine own their homes.
• 159,466 or 27.8% of households rent their homes.
• The median gross rent in Maine is $870.00 per month.
• The median monthly mortgage payment is $1,381.
• The homeowner vacancy rate is 1.1%.
• Rental vacancy is 2.5%.

 

Maryland Homeowner vs. Renter Statistics

Maryland households are 4.2% more likely to own their homes; the median monthly mortgage payment in Maryland is 35.5% more expensive than the median mortgage payment nationwide.

• 2,226,767 total households in Maryland have an average of 2.7 occupants.
• 1,487,480 or 66.8% of households in Maryland own their homes.
• 739,287 or 33.2% of households rent their homes.
• The median gross rent in Maryland is $1,401 per month.
• The median monthly mortgage payment is $1,987.
• The homeowner vacancy rate is 0.5%.
• Rental vacancy is 4.8%.

 

Massachusetts Homeowner vs. Renter Statistics

Massachusetts households are 3.0% less likely to own their homes; the median monthly mortgage payment in Massachusetts is 31.5% more expensive than the median mortgage payment nationwide.

• 2,650,680 total households in Massachusetts have an average of 2.6 occupants.
• 1,648,723 or 62.2% of households in Massachusetts own their homes.
• 1,001,957 or 37.8% of households rent their homes.
• The median gross rent in Massachusetts is $1,360 per month.
• The median monthly mortgage payment is $2,165.
• The homeowner vacancy rate is 0.9%.
• Rental vacancy is 4.5%.

 

Michigan Homeowner vs. Renter Statistics

Michigan households are 11.7% more likely to own their homes; the median monthly mortgage payment in Michigan is 14.1% lower than the median mortgage payment nationwide.

• 3,969,880 total households in Michigan have an average of 2.5 occupants.
• 2,842,434 or 71.6% of households in Michigan own their homes.
• 1,127,446 or 28.4% of households rent their homes.
• The median gross rent in Michigan is $888.00 per month.
• The median monthly mortgage payment is $1,279.
• The homeowner vacancy rate is 0.6%.
• Rental vacancy is 5.9%.

 

Minnesota Homeowner vs. Renter Statistics

Minnesota households are 12.2% more likely to own their homes; the median monthly mortgage payment in Minnesota is 1.7% lower than the median mortgage payment nationwide.

• 2,222,568 total households in Minnesota have an average of 2.5 occupants.
• 1,598,026 or 71.9% of households in Minnesota own their homes.
• 624,542 or 28.1% of households rent their homes.
• The median gross rent in Minnesota is $1,016 per month.
• The median monthly mortgage payment is $1,547.
• The homeowner vacancy rate is 0.5%.
• Rental vacancy is 8.9%.

 

Mississippi Homeowner vs. Renter Statistics

Mississippi households are 5.0% more likely to own their homes; the median monthly mortgage payment in Mississippi is 24.9% lower than the median mortgage payment nationwide.

• 1,100,229 total households in Mississippi have an average of 2.7 occupants.
• 740,454 or 67.3% of households in Mississippi own their homes.
• 359,775 or 32.7% of households rent their homes.
• The median gross rent in Mississippi is $777.00 per month.
• The median monthly mortgage payment is $1,134.
• The homeowner vacancy rate is 1.4%.
• Rental vacancy is 10.1%.

 

Missouri Homeowner vs. Renter Statistics

Missouri households are 4.7% more likely to own their homes; the median monthly mortgage payment in Missouri is 19.3% lower than the median mortgage payment nationwide.

• 2,458,337 total households in Missouri have an average of 2.5 occupants.
• 1,649,544 or 67.1% of households in Missouri own their homes.
• 808,793 or 32.9% of households rent their homes.
• The median gross rent in Missouri is $834.00 per month.
• The median monthly mortgage payment is $1,254.
• The homeowner vacancy rate is 0.6%.
• Rental vacancy is 10.4%.

 

Montana Homeowner vs. Renter Statistics

Montana households are 7.5% more likely to own their homes; the median monthly mortgage payment in Montana is 19.6% lower than the median mortgage payment nationwide.

• 437,651 total households in Montana have an average of 2.4 occupants.
• 301,542 or 68.9% of households in Montana own their homes.
• 136,109 or 31.1% of households rent their homes.
• The median gross rent in Montana is $831.00 per month.
• The median monthly mortgage payment is $1,386.
• The homeowner vacancy rate is 0.6%.
• Rental vacancy is 4.3%.

 

Nebraska Homeowner vs. Renter Statistics

Nebraska households are 3.4% more likely to own their homes; the median monthly mortgage payment in Nebraska is 16.9% less expensive than the median mortgage payment nationwide.

• 771,444 total households in Nebraska have an average of 2.5 occupants.
• 511,467 or 66.3% of households in Nebraska own their homes.
• 259,977 or 33.7% of households rent their homes.
• The median gross rent in Nebraska is $859.00 per month.
• The median monthly mortgage payment is $1,352.
• The homeowner vacancy rate is 1.1%.
• Rental vacancy is 5.2%.

 

Nevada Homeowner vs. Renter Statistics

Nevada households are 11.7% less likely to own their homes; the median monthly mortgage payment in Nevada is 13.0% more expensive than the median mortgage payment nationwide.

• 1,143,557 total households in Nevada have an average of 2.7 occupants.
• 647,253 or 56.6% of households in Nevada own their homes.
• 496,304 or 43.4% of households rent their homes.
• The median gross rent in Nevada is $1,168 per month.
• The median monthly mortgage payment is $1,469.
• The homeowner vacancy rate is 0.8%.
• Rental vacancy is 4.2%.

 

New Hampshire Homeowner vs. Renter Statistics

New Hampshire households are 10.8% more likely to own their homes; the median monthly mortgage payment in New Hampshire is 10.9% more expensive than the median mortgage payment nationwide.

• 541,396 total households in New Hampshire have an average of 2.5 occupants.
• 384,391 or 71.0% of households in New Hampshire own their homes.
• 157,005 or 29.0% of households rent their homes.
• The median gross rent in New Hampshire is $1,147 per month.
• The median monthly mortgage payment is $1,917.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 3.0%.

 

New Jersey Homeowner vs. Renter Statistics

New Jersey households are 1.2% less likely to own their homes; the median monthly mortgage payment in New Jersey is 33.1% more expensive than the median mortgage payment nationwide.

• 3,286,264 total households in New Jersey have an average of 2.7 occupants.
• 2,080,205 or 63.3% of households in New Jersey own their homes.
• 1,206,059 or 36.7% of households rent their homes.
• The median gross rent in New Jersey is $1,376 per month.
• The median monthly mortgage payment is $2,439.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 3.5%.

 

New Mexico Homeowner vs. Renter Statistics

New Mexico households are 6.2% more likely to own their homes; the median monthly mortgage payment in New Mexico is 18.1% lower than the median mortgage payment nationwide.

• 793,420 total households in New Mexico have an average of 2.6 occupants.
• 540,319 or 68.1% of households in New Mexico own their homes.
• 253,101 or 31.9% of households rent their homes.
• The median gross rent in New Mexico is $847.00 per month.
• The median monthly mortgage payment is $1,262.
• The homeowner vacancy rate is 1.1%.
• Rental vacancy is 6.5%.

 

New York Homeowner vs. Renter Statistics

New York households are 16.5% less likely to own their homes; the median monthly mortgage payment in New York is 26.6% more expensive than the median mortgage payment nationwide.

• 7,446,812 total households in New York have an average of 2.6 occupants.
• 3,984,044 or 53.3% of households in New York own their homes.
• 3,462,768 or 46.5% of households rent their homes.
• The median gross rent in New York is $1,309 per month.
• The median monthly mortgage payment is $2,114.
• The homeowner vacancy rate is 1.4%.
• Rental vacancy is 6.8%.

 

North Carolina Homeowner vs. Renter Statistics

North Carolina households are 1.9% more likely to own their homes; the median monthly mortgage payment in North Carolina is 10.0% lower than the median mortgage payment nationwide.

• 4,046,348 total households in North Carolina have an average of 2.6 occupants.
• 2,642,265 or 65.3% of households in North Carolina own their homes.
• 1,404,083 or 34.7% of households rent their homes.
• The median gross rent in North Carolina is $931.00 per month.
• The median monthly mortgage payment is $1,290.
• The homeowner vacancy rate is 0.8%.
• Rental vacancy is 4.4%.

 

North Dakota Homeowner vs. Renter Statistics

North Dakota households are 4.4% less likely to own their homes; the median monthly mortgage payment in North Dakota is 22.2% lower than the median mortgage payment nationwide.

• 323,519 total households in North Dakota have an average of 2.4 occupants.
• 198,317 or 61.3% of households in North Dakota own their homes.
• 125,202 or 38.7% of households rent their homes.
• The median gross rent in North Dakota is $804.00 per month.
• The median monthly mortgage payment is $1,389.
• The homeowner vacancy rate is 1.7%.
• Rental vacancy is 12.9%.

 

Ohio Homeowner vs. Renter Statistics

Ohio households are 3.0% more likely to own their homes; the median monthly mortgage payment in Ohio is 21.4% lower than the median mortgage payment nationwide.

• 4,730,340 total households in Ohio have an average of 2.5 occupants.
• 3,122,024 or 66.0% of households in Ohio own their homes.
• 1,608,316 or 34.0% of households rent their homes.
• The median gross rent in Ohio is $813.00 per month.
• The median monthly mortgage payment is $1,269.
• The homeowner vacancy rate is 0.4%.
• Rental vacancy is 6.5%.

 

Oklahoma Homeowner vs. Renter Statistics

Oklahoma households are 2.2% more likely to own their homes; the median monthly mortgage payment in Oklahoma is 21.3% lower than the median mortgage payment nationwide.

• 1,495,151 total households in Oklahoma have an average of 2.6 occupants.
• 979,324 or 65.5% of households in Oklahoma own their homes.
• 515,827 or 34.5% of households rent their homes.
• The median gross rent in Oklahoma is $814.00 per month.
• The median monthly mortgage payment is $1,214.
• The homeowner vacancy rate is 1.0%.
• Rental vacancy is 5.4%.

 

Oregon Homeowner vs. Renter Statistics

Oregon households are 1.9% less likely to own their homes; the median monthly mortgage payment in Oregon is 14.6% higher than the median mortgage payment nationwide.

• 1,649,352 total households in Oregon have an average of 2.6 occupants.
• 1,037,442 or 62.9% of households in Oregon own their homes.
• 611,910 or 37.1% of households rent their homes.
• The median gross rent in Oregon is $1,185 per month.
• The median monthly mortgage payment is $1,647.
• The homeowner vacancy rate is 0.6%.
• Rental vacancy is 4.7%.

 

Pennsylvania Homeowner vs. Renter Statistics

Pennsylvania households are 6.7% more likely to own their homes; the median monthly mortgage payment in Pennsylvania is 8.0% lower than the median mortgage payment nationwide.

• 5,119,249 total households in Pennsylvania have an average of 2.5 occupants.
• 3,501,566 or 68.4% of households in Pennsylvania own their homes.
• 1,617,683 or 31.6% of households rent their homes.
• The median gross rent in Pennsylvania is $951.00 per month.
• The median monthly mortgage payment is $1,474.
• The homeowner vacancy rate is 0.5%.
• Rental vacancy is 6.5%.

 

Puerto Rico Homeowner vs. Renter Statistics

Puerto Rico households are 7.0% more likely to own their homes.

• 1,170,982 total households in Puerto Rico have an average of 2.7 occupants.
• 803,460 or 68.6% of households in Puerto Rico own their homes.
• 367,522 or 31.4% of households rent their homes.
• The median gross rent in Puerto Rico is unavailable.
• The median monthly mortgage payment is unavailable.
• The homeowner vacancy rate is unavailable.
• Rental vacancy is unavailable.

 

Rhode Island Homeowner vs. Renter Statistics

Rhode Island households are 3.7% less likely to own their homes; the median monthly mortgage payment in Rhode Island is 0.9% higher than the median mortgage payment nationwide.

• 407,174 total households in Rhode Island have an average of 2.6 occupants.
• 251,226 or 61.7% of households in Rhode Island own their homes.
• 155,948 or 38.3% of households rent their homes.
• The median gross rent in Rhode Island is $1,043 per month.
• The median monthly mortgage payment is $1,838.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 2.2%.

 

South Carolina Homeowner vs. Renter Statistics

South Carolina households are 9.7% more likely to own their homes; the median monthly mortgage payment in South Carolina is 10.8% lower than the median mortgage payment nationwide.

• 1,975,915 total households in South Carolina have an average of 2.6 occupants.
• 1,389,068 or 70.3% of households in South Carolina own their homes.
• 586,847 or 29.7% of households rent their homes.
• The median gross rent in South Carolina is $922.00 per month.
• The median monthly mortgage payment is $1,227.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 6.6%.

 

South Dakota Homeowner vs. Renter Statistics

South Dakota households are 5.8% more likely to own their homes; the median monthly mortgage payment in South Dakota is 25.6% lower than the median mortgage payment nationwide.

• 353,799 total households in South Dakota have an average of 2.5 occupants.
• 239,876 or 67.8% of households in South Dakota own their homes.
• 113,923 or 32.2% of households rent their homes.
• The median gross rent in South Dakota is $769.00 per month.
• The median monthly mortgage payment is $1,298.
• The homeowner vacancy rate is 0.9%.
• Rental vacancy is 8.7%.

 

Tennessee Homeowner vs. Renter Statistics

Tennessee households are 3.7% more likely to own their homes; the median monthly mortgage payment in Tennessee is 12.6% lower than the median mortgage payment nationwide.

• 2,654,737 total households in Tennessee have an average of 2.6 occupants.
• 1,765,400 or 66.5% of households in Tennessee own their homes.
• 889,337 or 33.5% of households rent their homes.
• The median gross rent in Tennessee is $904.00 per month.
• The median monthly mortgage payment is $1,224.
• The homeowner vacancy rate is 0.9%.
• Rental vacancy is 7.6%.

 

Texas Homeowner vs. Renter Statistics

Texas households are 3.4% less likely to own their homes; the median monthly mortgage payment in Texas is 5.5% higher than the median mortgage payment nationwide.

• 9,985,126 total households in Texas have an average of 2.9 occupants.
• 6,180,793 or 61.9% of households in Texas own their homes.
• 3,804,333 or 38.1% of households rent their homes.
• The median gross rent in Texas is $1,091 per month.
• The median monthly mortgage payment is $1,549.
• The homeowner vacancy rate is 1.2%.
• Rental vacancy is 7.9%.

 

Utah Homeowner vs. Renter Statistics

Utah households are 10.1% more likely to own their homes; the median monthly mortgage payment in Utah is 6.2% higher than the median mortgage payment nationwide.

• 1,023,855 total households in Utah have an average of 3.1 occupants.
• 722,842 or 70.6% of households in Utah own their homes.
• 301,013 or 29.4% of households rent their homes.
• The median gross rent in Utah is $1,098 per month.
• The median monthly mortgage payment is $1,497.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 4.6%.

 

Vermont Homeowner vs. Renter Statistics

Vermont households are 10.6% more likely to own their homes; the median monthly mortgage payment in Vermont is 5.2% lower than the median mortgage payment nationwide.

• 262,767 total households in Vermont have an average of 2.4 occupants.
• 186,302 or 70.9% of households in Vermont own their homes.
• 76,465 or 29.1% of households rent their homes.
• The median gross rent in Vermont is $980.00 per month.
• The median monthly mortgage payment is $1,594.
• The homeowner vacancy rate is 0.4%.
• Rental vacancy is 1.8%.

 

Virginia Homeowner vs. Renter Statistics

Virginia households are 3.1% more likely to own their homes; the median monthly mortgage payment in Virginia is 21.3% lower than the median mortgage payment nationwide.

• 3,191,847 total households in Virginia have an average of 2.7 occupants.
• 2,109,811 or 66.1% of households in Virginia own their homes.
• 1,082,036 or 33.9% of households rent their homes.
• The median gross rent in Virginia is $1,254 per month.
• The median monthly mortgage payment is $1,767.
• The homeowner vacancy rate is 0.8%.
• Rental vacancy is 4.4%.

 

Washington Homeowner vs. Renter Statistics

Washington households are 1.6% less likely to own their homes; the median monthly mortgage payment in Washington is 31.4% higher than the median mortgage payment nationwide.

• 2,932,477 total households in Washington have an average of 2.6 occupants.
• 1,850,393 or 63.1% of households in Washington own their homes.
• 1,082,084 or 36.9% of households rent their homes.
• The median gross rent in Washington is $1,359 per month.
• The median monthly mortgage payment is $1,826.
• The homeowner vacancy rate is 0.8%.
• Rental vacancy is 5.3%.

 

West Virginia Homeowner vs. Renter Statistics

West Virginia households are 14.5% more likely to own their homes; the median monthly mortgage payment in West Virginia is 29.7% lower than the median mortgage payment nationwide.

• 728,175 total households in West Virginia have an average of 2.5 occupants.
• 534,480 or 73.4% of households in West Virginia own their homes.
• 193,695 or 26.6% of households rent their homes.
• The median gross rent in West Virginia is $727.00 per month.
• The median monthly mortgage payment is $1,023.
• The homeowner vacancy rate is 0.7%.
• Rental vacancy is 0.6%.

 

Wisconsin Homeowner vs. Renter Statistics

Wisconsin households are 4.8% more likely to own their homes; the median monthly mortgage payment in Wisconsin is 16.2% lower than the median mortgage payment nationwide.

• 2,386,623 total households in Wisconsin have an average of 2.4 occupants.
• 1,603,811 or 67.2% of households in Wisconsin own their homes.
• 782,812 or 32.8% of households rent their homes.
• The median gross rent in Wisconsin is $867.00 per month.
• The median monthly mortgage payment is $1,418.
• The homeowner vacancy rate is 0.2%.
• Rental vacancy is 3.5%.

 

Wyoming Homeowner vs. Renter Statistics

Wyoming households are 12.2% less likely to own their homes; the median monthly mortgage payment in Wyoming is 20.5% lower than the median mortgage payment nationwide.

• 233,128 total households in Wyoming have an average of 2.5 occupants.
• 167,619 or 71.9% of households in Wyoming own their homes.
• 65,509 or 28.1% of households rent their homes.
• The median gross rent in Wyoming is $822.00 per month.
• The median monthly mortgage payment is $1,428.
• The homeowner vacancy rate is 1.0%.
• Rental vacancy is 7.5%.

 

Sources

1. U. S. Census Bureau, American Housing Survey
2. Census, American Community Survey
3. Housing Vacancies and Homeownership (CPS/HVS) – Housing Vacancies and Homeownership – People and Households – US
4. Joint Center for Housing Studies of Harvard University, The State of the Nation’s Housing 2021
5. National Association of Realtors, Research and Statistics
6. National Multifamily Housing Council, Research & Insight
7. Move.org, Is It More Common to Rent or Own in Each State?
8. RentCafe, Renters vs Owners: Renting Dips Over the Decade, But Claims Majority in 23 Cities, Including Seattle & Pittsburgh
9. Research and Statistics National Association of Realtors
10. 2020 Census Group Quarters
11. High-Frequency COVID Economic Impact Data

 

ORIGINAL ARTICLE APPEARED HERE: https://ipropertymanagement.com/research/renters-vs-homeowners-statistics