Homeownership Rate Second-Highest on Record


Daily Real Estate News | Monday, October 24, 2011

The homeownership rate is at its second-highest level on record, only behind the record high set in 2000, according to the U.S. Census Bureau, which began collecting home ownership data in 1890.

By region, the homeownership rate is:

  • Midwest: 69.2 percent
  • South: 66.7
  • Northeast: 62.2
  • West: 60.5

Nearly every metro area had more home owners than renters in 2010. The metro areas with the highest homeownership rates were in Michigan and Florida. Monroe, Mich., had the highest percentage of owner-occupied units at 79.8 percent, followed by Punta Gorda, Fla., at 79.7 percent.

While the national homeownership rate remained high, the decrease in the rate from 2000 to 2010 by 1.1 percent — to 65.1 percent overall — is the largest decrease since the 1930 to 1940 period, the Census Bureau reported.

States With Highest Housing Inventory

Meanwhile, housing inventory soared 13.6 percent to 15.8 million units from 2000 to 2010, growing the fastest in the South and West. The states with the largest percentage increase in housing units were:

  • Nevada: 41.9 percent
  • Arizona: 29.9
  • Utah: 27.5
  • Idaho: 26.5
  • Georgia: 24.6
  • Florida: 23.1
  • North Carolina: 22.8
  • Colorado: 22.4
  • Texas: 22.3
  • South Carolina: 21.9

Source: U.S. Census 2010 and “Homeownership Near Record,” Investors.com (Oct. 20, 2011)

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