Short Answer
The U.S. homeownership rate stood at 65.2% in 2025, meaning roughly two in three occupied households were owner-occupied. But this national figure masks wide state-level differences: West Virginia led all states at 74.9%, while New York posted the lowest rate at 54.4%. Understanding these gaps helps explain housing affordability, demographic patterns, and economic opportunity across the country.
Key Numbers
- U.S. homeownership rate (2025): 65.2%
- Peak rate: 69.0% in 2004
- Recent low: 63.4% in 2016
- Change since 2020: -1.4 percentage points
- Highest state: West Virginia at 74.9%
- Lowest state: New York at 54.4%
- Top 10 state range: 71.8% to 74.9%
- Share of households owning: about 2 in 3
Explanation
The homeownership rate is the percentage of occupied housing units that are owner-occupied rather than renter-occupied. It is a widely watched indicator of housing security, wealth accumulation, and community stability. The rate measures households, not individuals, so a state with many young renters saving toward a purchase can have a different rate than a state with many longtime owners, even if incomes are similar.
State-level differences are driven primarily by housing affordability — the relationship between home prices and household incomes — as well as age structure and urbanization. States with modest home values relative to local earnings, such as West Virginia and Maine, tend to have higher ownership rates. Dense, renter-heavy urban states like New York tend to have lower rates.
The national rate has also been shaped by major housing market events. It rose to a peak of 69% in 2004 during the housing bubble, then fell through 2016 as foreclosures increased and many households shifted from owning to renting. The rate has since partially recovered but remains below its mid-2000s peak.
Definition
The homeownership rate is defined as the share of all occupied housing units that are occupied by their owners. A housing unit is considered owner-occupied if the owner or co-owner lives in the unit as their primary residence. The rate is expressed as a percentage and is calculated at the national, state, and local levels.
How the Statistic Is Calculated
The homeownership rate is calculated by dividing the number of owner-occupied housing units by the total number of occupied housing units, then multiplying by 100. The U.S. Census Bureau produces this statistic using data from the American Community Survey (ACS) and the Housing Vacancy Survey. The formula is:
Homeownership Rate = (Owner-Occupied Housing Units ÷ Total Occupied Housing Units) × 100
Because the rate is based on households rather than individuals, it can be influenced by household formation patterns, such as young adults delaying home purchases or older adults aging in place.
State Comparison
Homeownership is highest not where incomes are highest, but where homes are cheapest relative to what people earn. West Virginia and Maine top the ranking with modest home values that put ownership within reach of a median paycheck. The bottom of the list pairs expensive coastal states with New York, where dense, renter-heavy metros dominate the housing stock.
The rate measures households, not people: a state full of young renters saving toward a purchase and a state full of longtime owners can post the same income yet very different ownership rates, which is why age structure and urbanization matter as much as price.
Ranking Table
The table below shows the top 10 states by homeownership rate based on the latest available data. New York, the lowest-ranked state, is included for comparison.
| Rank | State | Homeownership Rate |
|---|---|---|
| 1 | West Virginia | 74.9% |
| 2 | Maine | 74.3% |
| 3 | Michigan | 73.2% |
| 4 | Vermont | 73.2% |
| 5 | Delaware | 73.0% |
| 6 | New Hampshire | 72.8% |
| 7 | Minnesota | 72.2% |
| 8 | Idaho | 72.1% |
| 9 | South Carolina | 71.9% |
| 10 | Wyoming | 71.8% |
| — | New York (lowest) | 54.4% |
Historical Data
The national homeownership rate has fluctuated significantly over the past two decades. It peaked at 69.0% in 2004 during the housing bubble, then declined through 2016 as the Great Recession and foreclosure crisis shifted many households from owning to renting. The rate bottomed out at 63.4% in 2016 before beginning to recover.
| Year | U.S. Homeownership Rate |
|---|---|
| 2004 | 69.0% |
| 2016 | 63.4% |
| 2020 | 66.6% |
| 2025 | 65.2% |
The 2020 figure is derived from the reported 1.4 percentage point decline between 2020 and 2025.
Year-over-Year Change
Annual changes in the homeownership rate are typically modest. The most recent multiyear comparison available shows that the 2025 rate was 1.4 percentage points lower than in 2020. This reflects a slight downward drift in the post-2020 period, though the rate remains above its 2016 trough.
10-Year Change
Over the past decade, the national homeownership rate has recovered from its post-recession low. From 63.4% in 2016 to 65.2% in 2025, the rate increased by 1.8 percentage points. However, it has not returned to the 69% peak seen in 2004, and the recent decline since 2020 suggests the recovery has stalled.
Factors Behind the Trend
Several factors influence state and national homeownership rates:
- Housing affordability: States with lower home prices relative to incomes tend to have higher ownership rates.
- Age structure: Older populations are more likely to own homes, while younger populations may rent longer.
- Urbanization: Dense urban areas have more rental housing, lowering state ownership rates.
- Economic shocks: The 2007 housing crash and Great Recession led to foreclosures and a shift toward renting.
- Mortgage access: Credit conditions and interest rates affect the ability to purchase a home.
Why It Matters
Homeownership is a key measure of housing security and wealth building. For many households, a home is their largest asset and a primary vehicle for accumulating equity. Policymakers use homeownership data to assess whether housing needs are being met and to inform decisions about funding, zoning, and housing assistance programs. High ownership rates can signal affordability and stability, but they may also reflect older populations or limited rental options. Low rates can indicate high housing costs or a preference for renting in urban areas.
Limitations of the Data
The homeownership rate has several limitations. It measures households, not people, so it does not capture the number of individuals who own homes. It also does not account for housing quality, cost burden, or mortgage status — a homeowner with a heavy mortgage may be financially stressed despite being counted as an owner. State comparisons can be misleading without considering age structure, urbanization, and local housing markets. Data may also be revised as new survey estimates become available.
Source & Data Date
Primary source: U.S. Census Bureau, as reported by USAFacts, updated April 14, 2026, covering the 2025 homeownership rate. State-level rankings are from StateDemographics.com, 2026, based on Census Bureau data. Historical context is drawn from U.S. Census Bureau American Community Survey briefs covering 2005 to 2019.
FAQ
What is the current homeownership rate in the United States?
The U.S. homeownership rate was 65.2% in 2025, meaning about 2 in 3 occupied households are owner-occupied.
Which state has the highest homeownership rate?
West Virginia has the highest homeownership rate at 74.9%, followed by Maine at 74.3% and Michigan at 73.2%.
Which state has the lowest homeownership rate?
New York has the lowest homeownership rate at 54.4%, reflecting dense, renter-heavy urban areas and high housing costs.
Why did the U.S. homeownership rate decline after 2004?
The housing bubble peaked in 2004 at 69%, then the 2007 housing market crash and Great Recession led to foreclosures and a shift from owning to renting, pushing the rate down to 63.4% by 2016.
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