Mortgage News - West Virginia and Maine Lead In National Homeownership Rate

West Virginia and Maine Lead In National Homeownership Rate

Mortgage News June 5, 2023

The U.S. Census Bureau has published the 2020 Census Demographic Profile and Demographic and Housing Characteristics File (DHC). This dataset provides additional information about the population count, as well as essential demographic and housing statistics that were previously released for congressional apportionment and legislative redistricting purposes.

Out of the 126.8 million housing units recorded as occupied in 2020, 80.1 million units (63.1%) were occupied by homeowners, indicating the homeownership rate in the country. This rate, reported for 2020, is the lowest since 1970, showing a decline of two percentage points compared to 2010 when it stood at 65.1%. Meanwhile, there were 46.8 million units (36.9%) occupied by renters in 2020, and this figure represents a 14.8% increase from 40.7 million units in 2010.

Between 2000 and 2010, the number of renter-occupied units grew at a faster rate than owner-occupied units. This trend continued in subsequent years, indicating a similar pattern of growth.

The recently published 2020 Census data products provide additional information that expands upon the existing data about the total population, voting-age population (18 years and older), race, Hispanic origin, and housing occupancy. This release includes more specific age groups, the first available data on sex from the 2020 Census, insights into families and households, and greater detail about housing. Furthermore, these data products highlight the intersection of these topics with race and Hispanic origin.

During the period from 2010 to 2020, only five states observed an upturn in their homeownership rates. Hawaii witnessed the most significant increase with a rise of 1.2 percentage points, followed by Alaska (0.8%), Idaho (0.5%), South Carolina (0.4%), and Wyoming (0.1%). West Virginia and Maine topped the list with the highest homeownership rates in 2020, reaching 72.6% and 71.1%, respectively, while the District of Columbia reported a lower homeownership rate of 38.3% compared to all 50 states.

Out of the top 10 metropolitan and micropolitan statistical areas with the highest homeownership rates, Florida and Michigan each had three areas represented. The Villages (88.3%), Homosassa Springs (82.1%), and Punta Gorda (81.3%) were the Florida areas with the highest homeownership rates. In Michigan, the areas of Holland (82.5%), Iron Mountain (79.6%), and Traverse City (79.3%) stood out as having high rates of homeownership.

Need a list of loan officers in your area? Contact Jennifer Swanson at 260-223-9203 or Jennifer@SpecialtyContactDatabases.com

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West Virginia and Maine Lead In National Homeownership Rate

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