Owning a home is a big part of the American dream for many people. But buying a house is becoming harder, and more than three-quarters of Americans now feel that renting is cheaper, according to a Freddie Mac survey. The homeownership rate nationwide has declined consistently since peaking at 69.1% in 2005 and is now 64.2%.
There are still, however, a number of places where a large share of the population is still willing and able to buy a house. In 20 U.S. cities, over 80% of occupied homes are owned by their residents. These cities, often in the Midwest, tend to have relatively high median household incomes, especially for their state. These places are often within commuting distance of major cities like Chicago or Dallas that tend to have an abundance of high-paying jobs.
24/7 Wall St. reviewed data from the U.S. Census Bureau’s American Community Survey on the percentage of occupied housing units that are occupied by their owners to determine the cities where most occupied homes are owned by an occupant.
Buying a home is the largest and most important financial decision most Americans will likely ever make. Most homeowners take on over $100,000 in mortgage debt, and many take on significantly more. These are the states with the most mortgage debt.
Unsurprisingly, areas with high homeownership rates tend to be wealthy. In nine of the 20 cities where the most people own their homes, the median annual household income is over $100,000. And in each city on the list the median household income is greater than $70,000, well above the U.S. median of $57,652. These are the richest cities in America.