How Many Homeowners Are There In The U.S.? And Other Homeowners Statistics

How many homeowners in the US bought houses in 2023? Was it more than 2022? How many homeowners in the US are experiencing higher housing costs? We look at key statistics around US homeownership to better understand how the market, buyers, and other housing demographics have changed over the years.

How Many Homeowners in the US

According to the US Census, homeownership has dropped since 2005, reaching its lowest point in five decades.

• 80.1 million: Of the 126.8 million people living in a home, only 80.1 million of them owned their homes.
• 63.1%: In 2020, homeownership in America dropped to 63.1%, the lowest since 1970.
• 2%: Homeownership in 2020 was 2% lower than the previous decade.

Sources: US Census Data

Housing Demographics

Single family homes, co-ops, and condominiums experienced seasonal adjustments with prices fluctuating in the summer of 2023.

• 1%: 1% of total sales in 2023 were for foreclosure and short sales.
• 3.60 million: Single-family homes saw an annual rate of 3.6 million sales in August of 2023.
• 3.65 million: Single-family homes experienced an average of 3.65 million sales in July of 2023.
• 15.3%:  The average sales for single family homes from the summer of 2023 dropped by 15.3% from the previous year.

Sources: National Association of Realtors

Homeownership By State

Homeownership rates fluctuate greatly depending on the state. For example, West Virginia has the highest homeownership percentage with 79% of the population owning their home. By comparison the District of Columbia has the lowest homeownership percentage at only 42%.

The table below breaks down the percentage of homeownership based on state.

Sources: US Census Data

Condominium and Co-Op Demographics

Not all homeowners in the US own a single-family home. Nearly 27% of the population or 74 million people live in a condo or a co-op, according to I Property Management.

• 440,000:  Condominiums and Co-op sales dealt with a seasonal adjustment sale rate of 440,000 units in August of 2023.
• 4.8%: Sales for Condominiums and co-ops increased 4.8% between July and August of 2023.
• 15.4%: Sales of Condominiums and co-ops decreased 15.4% between 2023 and 2022.

Sources: I Property Management

Condominium and Co-Op Ownership By State

Condominium and Co-op ownership fluctuates greatly based on location. For example, California has the largest number of condominium owners reaching nearly 26 million people but this also has to do with the percentage of the state population.

The table below breaks down the percentage of homeownership based on state:

Sources: I Property Management

Unoccupied / Vacant Homes in the US

Despite the percentages of homeowners there are in the United states, there are still empty homes.

• 10.7%: Total vacancy rates for homes in the US is 10.7%.
• 5.8%: 5.8% of rental units are unoccupied or vacant.
• 0.95%: As of 2023, 0.95% of single-family homes were vacant or unoccupied.
• 35%:  35% of Condominiums and co-ops were vacant or unoccupied in 2023.

Sources: US Census Data

Unoccupied/Vacant Homes By State

Vacancy or unoccupied rates vary dramatically from one state to the next. For example, North Dakota has an average vacancy over 2% higher than the national average while New Jersey has rates over 7% lower.

The table below breaks down the percentage of vacancy and unoccupied homes based on state:

Sources: US Census Data

Regional Sales

Data indicates that all four major regions of the United States recorded a decline in year-over-year sales as of 2023.

• 0.7%: Total home sales, for single family homes as well as co-ops, condominiums, and townhomes dropped 0.7% from July to August in 2023.
• 15.3%: Year over year sales dropped from August of 2022 to August of 2023 by 15.3%.
• 4.77 million: Total home sales from August of 2022 until August of 2023 dropped by 4.77 million dollars.
• 0.9%: Total housing inventory in August of 2023 was down 0.9% from July of 2023.
• 14.1%: Total housing inventory in August of 2023 dropped by 14.1% compared to the previous year.

The table below indicates where sales moved in the four major regions:

Sources: National Association of Realtors

Throughout every region while there may have been a decline in sales, there was also an increase in the corresponding median house price.

• 480,000: Home sales in the Northeast remained unchanged between July and August of 2023, selling 480,000 units.
• 22.6%: Home sales in the Northeast dropped 22.6% between August of 2023 and August of 2022.
• $465,700: The median sale price for a home in the Northeast was $465,700.
• 5.8%: The median sale price for a home in the Northeast increased 5.8% in 2023 compared to 2022.
• 1.0%:  home sales increased by 1% in the midwest from July to August 2023.
• 970,000: In August of 2023 970,000 homes were sold in the midwest.
• 16.4%: Sale rates dropped 16.4% in 2023 2000 compared to the year prior.
• $305,300: The median price for a home sold in the midwest was $305,300.
• 6.8%: The median price for a home sold in the Midwest increased.6.8% between 2023 and 2022.
• 1.1%: Sales in the South dropped 1.1% between August and July of 2023.
• 1.84 million: 1.84 million homes were sold in the south in August 2023.
• 12.4%:  home sale rates in August 2023 decreased by 12.4% compared to the previous year.
• $366,100: The average median price for a home sold in the South was $366,100.
• 3.2%:  the median price for a house in the South increased 3.2% between 2022 and 2023.
• 2.6%: Home sales dropped 2.6% between July and August of 2023.
• 750,000: 750,000 units were sold in August of 2023.
• 15.7%:  home sales dropped 15.7% in 2023 compared to 2022.
• $609,300: The median price for a home in the west was 609,300 in 2023.
• 1%: The medium price for a home sold in the west increased by 1% between 2022 and 2023.

Prices

Housing prices have risen steadily across the 100 largest metropolitan cities in America between 2021 and 2022. The National Association of Realtors noted that in August of 2023 there were 4.04 million sales with an average median sale price of $407,100. Sale prices increased across all areas of the United States.

• 18.7%: Housing prices from the 2021 until 2022 rose 18.7%.
• 4.6%: In the fourth quarter of 2022 housing prices rose 4.6%
• 3.9%: In August of 2023, the median home sale price rose 3.9% compared to the same month in 2022.
• $391,700: The average price of a home in 2022 was $391,700.
• $407,100: The average price of a home in 2023 was $407,100.
• $413,500:  the median sale price in August of 2023 for a single family home was $413,500.
• 3.7%: The median sale price for single family homes went up 3.7% from August 2023 compared to August 2022.
• $354,600: The median sale price for condominiums and co-ops was $354,600 in August 2023.
• $333,900: The median sale price for condominiums and co-ops was $333,900 in August of 2022.
• 6.2%:  The median sale price for co-ops and condominiums increased 6.2% between 2022 and 2023.
• 7.18%: As of September 14, 2023, the average 30 year fixed rate mortgage had an interest rate of 7.18%.
• 7.12%: The week of September 7, 2023 had an average interest rate on a 30 year fixed rate mortgage of only 7.12%.
• 6.02%: The average interest rates on 30 year fixed mortgages was 6.02% in 2022.
• 1.10%: The average mortgage interest rate rose 1.10% between 2022 and 2023.

Sources: Federal Housing Finance Agency; National Association of Realtors

Buyers Demographics

By August of 2023, first time buyers purchased as many houses as they had the previous year but average annual data indicates that first time buyers are at a much lower rate on average than any other time.

• 29%: First time buyers in 2023 represented 29% of all homeowners.
• 30%: First time buyers in August of 2023 was down from 30% in July of 2023.
• 26%: A report from 2022 found that only 26% of homeowners were first time buyers which is the lowest the National Association of Realtors has ever monitored.
• 27%:  27% of transactions in August of 2023 were all cash sales.
• 26%:  26% of transactions in July of 2023 were all cash sales.
• 24%:  24% of transactions in August of 2022 were all cash sales as compared to the 3% increase in August of 2023.
• 16%: 16% of homes purchased in 2023 were second home buyers or individual investors who paid in cash, a figure that remained the same in the previous month and the previous year.

Sources: National Association of Realtors

Homeownership by Race

Rates of homeownership continue to vary based on factors like race.

• 44%: Among African Americans, only 44% own their home.
• 51%: Among Latino Americans, only 51% own their population.
• 2%: A recent US Census report indicates that Latino American homeownership rates increased from 2022 to 2023 by 2%.
• 74%: Caucasian-Americans have the highest rate of home ownership at 74%.

Sources: US Census Data; Zillow

Homeownership by Age

Age remains a prominent factor in homeownership in the US. Over the last 10 years US Census data indicates that the average age of American homeowners has dropped particularly for those under the age of 44 who no longer represent a significant share of the market.

• 56: The average age of homeowners is 56.
• 57:  The average age of homeowners has never risen beyond 57.
• 3.1%: People between the ages of 25 and 29 represent one of the smallest percentages of homeowners in the US, with only 3.1% of the total US ownership.
• 5.8%: People between the ages of 30 and 34 are only marginally higher at 5.9%.
• 15.7%: Only 15.7% of homeowners are between the ages of 35 and 44.
• 19%: 19% of homeowners across the United States are between 45 and 54.
• 23.4%:  23.4% of homeowners are between the ages of 55 and 64, representing the largest group of homeowners.
• 18.5%:  18.5% of people who own their home are between 65 and 74.
• 13.6%:  13.6% of homeowners are over 75 years of age.

Sources: US Census Data; Zillow

Appreciation for Homeowners

Appreciation rates rose as well. The table below shows the appreciation percentages in the five highest states:

Sources: Federal Housing Finance Agency

Public house price indexes found the single family homes have increased across all 50 states although not to the same degree. The table below shows the five states with the lowest annual appreciation:

Sources: Federal Housing Finance Agency