U.S. Homeownership Rate Holds at 65.0% in Q2 2026

The U.S. homeownership rate held at 65.0 percent in the second quarter of 2026, according to the U.S. Census Bureau’s Housing Vacancies and Homeownership release. The rate was statistically unchanged from a year earlier and continues a multiyear plateau in the low-to-mid-65 percent range. At the same time, the rental vacancy rate was 7.3 percent and the homeowner vacancy rate was 1.2 percent, signaling a housing market still shaped by affordability constraints and limited for-sale inventory.

Key Numbers

• Homeownership rate, Q2 2026: 65.0% (not seasonally adjusted); 65.2% (seasonally adjusted)
• Rental vacancy rate, Q2 2026: 7.3%
• Homeowner vacancy rate, Q2 2026: 1.2%
• Prior quarter, Q1 2026: 65.4% (seasonally adjusted)
• Year-ago quarter, Q2 2025: 65.2% (seasonally adjusted)
• Annual homeownership rate, 2025: 65.2%
• Next data release: October 28, 2026

Explanation

The homeownership rate is the proportion of all occupied housing units that are occupied by their owners rather than rented. It is one of the most closely watched indicators of housing opportunity and household financial well-being in the United States. The Census Bureau calculates the rate from the Housing Vacancy Survey, a quarterly supplement to the Current Population Survey, and publishes both seasonally adjusted and not seasonally adjusted estimates.

In the second quarter of 2026, the national homeownership rate was 65.0 percent on a not seasonally adjusted basis. The seasonally adjusted estimate was 65.2 percent. Both measures show a market that has changed little over the past year. The rate has remained in a narrow band around the mid-60s, reflecting persistent affordability pressures, elevated home prices, and limited housing supply.

The rental vacancy rate of 7.3 percent and homeowner vacancy rate of 1.2 percent provide additional context. A low homeowner vacancy rate indicates few available for-sale homes, while a higher rental vacancy rate suggests rental markets are offering more flexibility for households that cannot buy. Together, these figures point to a housing system in which renting remains a critical pressure valve.

Definition

The homeownership rate is defined as the percentage of all occupied housing units that are owner-occupied. A housing unit is considered owner-occupied if the owner or co-owner lives in the unit, even if it is mortgaged or not fully paid for. The rate is calculated by dividing the number of owner-occupied housing units by the total number of occupied housing units and multiplying by 100.

This measure is distinct from the homeownership rate among specific demographic groups, such as by age, race, or family type. The national rate is a broad summary of tenure patterns across all households.

How the Statistic Is Calculated

The U.S. Census Bureau produces the homeownership rate from the Housing Vacancy Survey, which is conducted quarterly as part of the Current Population Survey. The survey collects information on whether occupied housing units are owned or rented, as well as whether vacant units are for sale, for rent, or held off the market.

The basic formula is:

Homeownership rate = (Owner-occupied housing units ÷ Total occupied housing units) × 100

Estimates are published with and without seasonal adjustment. Seasonal adjustment removes regular calendar-related patterns, such as moves that occur more often in summer, to make quarter-to-quarter comparisons more meaningful. The not seasonally adjusted rate reflects the raw survey estimate for that quarter.

Historical Data

The homeownership rate has fluctuated over the long term. In the mid-1960s, the rate was in the low 60s. It rose over subsequent decades, peaked near 69 percent in the mid-2000s, and declined after the housing crisis. More recently, the annual rate has hovered in the mid-60s.

Selected early data from the same Census Bureau series show the rate at 62.9 percent in the first quarter of 1965 and 63.5 percent in the first quarter of 1966, illustrating the long upward trajectory before the 2000s peak.

Year-over-Year Change

Compared with the second quarter of 2025, the homeownership rate in the second quarter of 2026 was essentially unchanged. The Census Bureau reported that the 65.0 percent not seasonally adjusted rate was “virtually the same” as the rate a year earlier. The seasonally adjusted series from the Federal Reserve Bank of St. Louis shows 65.2 percent in both Q2 2025 and Q2 2026.

This stability extends a pattern of small, statistically insignificant movements. The rate has not shown a clear upward or downward trend over the past year, even as mortgage rates and home prices have continued to affect affordability.

Trend Chart

A trend chart of the seasonally adjusted homeownership rate from Q2 2025 through Q2 2026 would show a nearly flat line with minor quarterly variation. The rate moved from 65.2 percent in Q2 2025 to 65.3 percent in Q3 2025, 65.5 percent in Q4 2025, 65.4 percent in Q1 2026, and back to 65.2 percent in Q2 2026.

The chart would highlight the absence of a sustained directional move, consistent with a market in which both buying and renting remain constrained by broader economic conditions.

Factors Behind the Trend

Several forces are keeping the homeownership rate in a narrow range. Realtor.com economic research points to affordability pressures and limited supply as central factors. High home prices and elevated mortgage costs have made it harder for renters to transition into ownership, while low homeowner vacancy has limited the number of homes available to buy.

• Affordability: Monthly ownership costs remain high relative to incomes, discouraging some potential first-time buyers.
• Limited for-sale inventory: The homeowner vacancy rate of 1.2 percent indicates very few homes are sitting vacant and available for sale.
• Rental market flexibility: A rental vacancy rate of 7.3 percent gives some households an alternative to buying, especially in principal cities where the rental vacancy rate is 8.0 percent.
• Geographic variation: Rental vacancy rates are looser in principal cities (8.0 percent) than in suburbs (6.9 percent) and non-metro areas (5.8 percent), affecting local tenure choices.

Why It Matters

The homeownership rate is a key measure of housing opportunity and economic security. Owning a home is the largest source of wealth for many U.S. households, and changes in the rate can signal shifts in access to credit, housing supply, and demographic patterns. Policymakers, lenders, and housing advocates track the rate to understand whether the housing market is becoming more or less inclusive.

A stable homeownership rate during a period of high prices and limited inventory suggests that the market is not expanding ownership broadly. At the same time, the relatively higher rental vacancy rate indicates that rental housing is absorbing some of the demand that cannot be met by the for-sale market.

Limitations of the Data

The homeownership rate is based on a sample survey, so estimates carry sampling error. Small quarter-to-quarter changes are often not statistically significant. The Census Bureau explicitly notes when differences are not statistically different from prior periods.

The rental vacancy rate was not statistically different from the rate in the second quarter 2025 and virtually the same as the rate in the first quarter 2026.

Users should also be aware of the difference between seasonally adjusted and not seasonally adjusted figures. The seasonally adjusted series smooths regular seasonal patterns, but both series can move slightly from quarter to quarter without indicating a real change in the underlying housing market.

Methodology

The U.S. Census Bureau’s Housing Vacancy Survey is a quarterly survey of approximately 75,000 housing units. It collects data on occupancy status, tenure, vacancy status, and selected characteristics of occupied and vacant units. The survey is designed to produce national and regional estimates of rental and homeowner vacancy rates and the homeownership rate.

Estimates are published about four weeks after the end of each quarter. The Q2 2026 release was published on July 28, 2026. The next release is scheduled for October 28, 2026, covering the third quarter of 2026.

Source & Data Date

Primary source: U.S. Census Bureau, Quarterly Residential Vacancies and Homeownership, Second Quarter 2026, released July 28, 2026. Additional data: Federal Reserve Bank of St. Louis FRED series Homeownership Rate in the United States (RSAHORUSQ156S), updated July 28, 2026; and Realtor.com Economic Research, “Homeownership Rate Falls to 65.0% in Q2,” July 28, 2026.