Cities Where the Most (and Least) People Own Their Home

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Monroe, Michigan
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5. Monroe, MI
> Homeownership rate: 78.8%
> Median home value: $140,500
> Median household income: $57,275

Monroe residents are considerably more likely than most Americans to own their homes. With a homeownership rate of just 32.0%, householders aged 15 to 34 across the nation are far more likely than not to rent their homes. In Monroe, by contrast, 60.1% of young householders own their homes, the highest such rate of all metro areas. The 76.1% homeownership rate among householders aged 35 to 55, and the 85.9% rate among among older residents, are also each well above the respective national percentages.

Harbor walk on Charlotte Horbor in Punta Gorda, FL
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4. Punta Gorda, FL
> Homeownership rate: 79.2%
> Median home value: $146,300
> Median household income: $43,039

As is the case in a number of other metropolitan areas where owning a home is especially common, residents of Punta Gorda tend to be older than in most urban centers. Well over half of area residents are 55 or older, the second highest percentage of any U.S. metro area, and in stark contrast to the national percentage of 27.0%. Since older individuals tend to have greater financial stability, the area’s high homeownership rate is likely largely due to the number of older residents. In Punta Gorda, 86.7% of householders 55 and over own their homes, versus the 76.8% national homeownership rate for that age group.

Source: Wikimedia Commons

3. Barnstable Town, MA
> Homeownership rate: 79.4%
> Median home value: $359,700
> Median household income: $65,384

The 79.4% homeownership rate in the Barnstable Town metropolitan area, which encompasses the entirety of Cape Cod, is the third highest in the nation. The 63.7% share of homeowners who have a mortgage in the area is almost exactly in line with the national figure, but the amount they pay each month is considerably higher as the typical area home is worth roughly double the typical American home. Higher incomes in the area likely explain why steep housing costs have not reduced the homeownership rate. Median household income in the area is $65,384, nearly $12,000 more than the typical American household earns annually.

Homosassa springs, FL
Source: Wikimedia Commons

2. Homosassa Springs, FL
> Homeownership rate: 79.8%
> Median home value: $116,300
> Median household income: $35,671

As is the case with many Florida cities with high ownership rates, Homosassa is home to a relatively large elderly population. It is one of only three U.S. cities where over half its population aged 55 or more. The area’s elderly residents are the primary reason the Homosassa homeownership rate is the second highest in the country. Only 29.0% of area residents in the 15 to 34 age group own their homes, slightly less than the 32.0% nationwide figure. Meanwhile, 87.8% of those 55 and older own their homes, a far greater share than the 76.8% national share.

The Villages, Florida
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1. The Villages, FL
> Homeownership rate: 89.2%
> Median home value: $224,200
> Median household income: $50,942

The Villages is a high-end retirement community in central Florida. No metro area has a higher percentage of residents 55 and older, and in no metro area are older householders more likely to own their homes. Close to 70.0% of the population is 55 and over. Of householders in this age cohort, 93.2% own their homes. Both percentages are considerably higher than the corresponding national figures of 27.1% and 76.8%. For these reasons, The Villages leads the nation with an overall homeownership rate of 89.2%.