Homeownership is a longstanding aspiration for millions of Americans. According to a Gallup poll, more than nine in every 10 American investors consider owning a home to be either an essential or important component of the American dream. Homeownership can also be one of the best and most practical ways to build wealth — both through appreciation of equity and tax deductions.
The past year has been historic for the American housing market. A surge in demand, fueled by the COVID-19 pandemic and record-low mortgage rates, helped push the national homeownership rate — or the share of housing units occupied by their owners — to 67.9% in the second quarter of 2020, its highest level in over a decade.
Still, homeownership rates vary considerably in the U.S., and in some parts of the country, people are far more likely to own their homes than in others.
Using data from the U.S. Census Bureau’s American Community Survey, 24/7 Wall St. identified the states with the highest homeownership rates. All 50 states were ranked by their homeownership rate in 2019, the most recent year of available ACS data. Depending on the state, homeownership rates range from less than 55% to about 73%.
Homeownership rates are impacted in large part by housing costs. In states where real estate prices are higher on average, homeownership rates tend to be lower. In states with lower housing costs, on the other hand, larger shares of the population own their home. Here is a look at the most expensive town to buy a home in every state.
Additionally, the states with the highest homeownership rates tend to have large rural populations and often lack major urban centers where renting tends to be more common. Meanwhile, states with lower than average homeownership rates often have major cities with thriving rental markets. Here is a look at the places where rents dropped the most during the pandemic.
Click here to see the states with highest homeownership
To determine the states with the highest homeownership, 24/7 Wall St. reviewed one-year data on housing from the U.S. Census Bureau’s 2019 American Community Survey. States were ranked based on the number of owner-occupied units as a share of all occupied housing units. Supplemental data on the median home value of owner-occupied homes, the percentage of housing units with a mortgage, median monthly housing costs for housing units with a mortgage, and median household income came from the 2019 ACS and are one-year estimates.
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50. New York
> Homeownership rate: 53.5%
> Median owner-occupied home value: $338,700 (8th highest)
> Housing units with a mortgage: 59.6% (21st lowest)
> Median monthly housing costs (w/ mortgage): $2,156 (5th highest)
> Median household income: $72,108 (14th highest)
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49. California
> Homeownership rate: 54.9%
> Median owner-occupied home value: $568,500 (2nd highest)
> Housing units with a mortgage: 69.0% (4th highest)
> Median monthly housing costs (w/ mortgage): $2,421 (2nd highest)
> Median household income: $80,440 (5th highest)
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48. Nevada
> Homeownership rate: 56.6%
> Median owner-occupied home value: $317,800 (11th highest)
> Housing units with a mortgage: 67.4% (8th highest)
> Median monthly housing costs (w/ mortgage): $1,589 (20th highest)
> Median household income: $63,276 (24th highest)
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47. Hawaii
> Homeownership rate: 60.2%
> Median owner-occupied home value: $669,200 (the highest)
> Housing units with a mortgage: 64.4% (17th highest)
> Median monthly housing costs (w/ mortgage): $2,472 (the highest)
> Median household income: $83,102 (4th highest)
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46. North Dakota
> Homeownership rate: 61.3%
> Median owner-occupied home value: $205,400 (25th lowest)
> Housing units with a mortgage: 52.1% (4th lowest)
> Median monthly housing costs (w/ mortgage): $1,430 (24th lowest)
> Median household income: $64,577 (20th highest)
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45. Rhode Island
> Homeownership rate: 61.7%
> Median owner-occupied home value: $283,000 (13th highest)
> Housing units with a mortgage: 66.3% (9th highest)
> Median monthly housing costs (w/ mortgage): $1,837 (12th highest)
> Median household income: $71,169 (15th highest)
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44. Texas
> Homeownership rate: 61.9%
> Median owner-occupied home value: $200,400 (22nd lowest)
> Housing units with a mortgage: 56.1% (11th lowest)
> Median monthly housing costs (w/ mortgage): $1,675 (16th highest)
> Median household income: $64,034 (22nd highest)
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43. Massachusetts
> Homeownership rate: 62.2%
> Median owner-occupied home value: $418,600 (3rd highest)
> Housing units with a mortgage: 68.3% (5th highest)
> Median monthly housing costs (w/ mortgage): $2,276 (4th highest)
> Median household income: $85,843 (2nd highest)
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42. Oregon
> Homeownership rate: 62.9%
> Median owner-occupied home value: $354,600 (6th highest)
> Housing units with a mortgage: 66.1% (11th highest)
> Median monthly housing costs (w/ mortgage): $1,750 (14th highest)
> Median household income: $67,058 (18th highest)
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41. Washington
> Homeownership rate: 63.1%
> Median owner-occupied home value: $387,600 (5th highest)
> Housing units with a mortgage: 67.7% (6th highest)
> Median monthly housing costs (w/ mortgage): $1,951 (9th highest)
> Median household income: $78,687 (7th highest)
40. New Jersey
> Homeownership rate: 63.3%
> Median owner-occupied home value: $348,800 (7th highest)
> Housing units with a mortgage: 65.6% (12th highest)
> Median monthly housing costs (w/ mortgage): $2,413 (3rd highest)
> Median household income: $85,751 (3rd highest)
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39. Georgia
> Homeownership rate: 64.1%
> Median owner-occupied home value: $202,500 (24th lowest)
> Housing units with a mortgage: 64.2% (19th highest)
> Median monthly housing costs (w/ mortgage): $1,450 (25th lowest)
> Median household income: $61,980 (22nd lowest)
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38. Alaska
> Homeownership rate: 64.7%
> Median owner-occupied home value: $281,200 (15th highest)
> Housing units with a mortgage: 60.8% (25th lowest)
> Median monthly housing costs (w/ mortgage): $1,882 (10th highest)
> Median household income: $75,463 (12th highest)
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37. Connecticut
> Homeownership rate: 65.0%
> Median owner-occupied home value: $280,700 (16th highest)
> Housing units with a mortgage: 66.2% (10th highest)
> Median monthly housing costs (w/ mortgage): $2,087 (6th highest)
> Median household income: $78,833 (6th highest)
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36. Arizona
> Homeownership rate: 65.3%
> Median owner-occupied home value: $255,900 (18th highest)
> Housing units with a mortgage: 62.4% (23rd highest)
> Median monthly housing costs (w/ mortgage): $1,457 (25th highest)
> Median household income: $62,055 (23rd lowest)
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35. North Carolina
> Homeownership rate: 65.3%
> Median owner-occupied home value: $193,200 (20th lowest)
> Housing units with a mortgage: 63.2% (20th highest)
> Median monthly housing costs (w/ mortgage): $1,318 (17th lowest)
> Median household income: $57,341 (12th lowest)
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34. Arkansas
> Homeownership rate: 65.5%
> Median owner-occupied home value: $136,200 (3rd lowest)
> Housing units with a mortgage: 53.0% (6th lowest)
> Median monthly housing costs (w/ mortgage): $1,094 (2nd lowest)
> Median household income: $48,952 (3rd lowest)
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33. Oklahoma
> Homeownership rate: 65.5%
> Median owner-occupied home value: $147,000 (4th lowest)
> Housing units with a mortgage: 54.4% (7th lowest)
> Median monthly housing costs (w/ mortgage): $1,231 (7th lowest)
> Median household income: $54,449 (8th lowest)
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32. Colorado
> Homeownership rate: 65.9%
> Median owner-occupied home value: $394,600 (4th highest)
> Housing units with a mortgage: 70.8% (2nd highest)
> Median monthly housing costs (w/ mortgage): $1,845 (11th highest)
> Median household income: $77,127 (9th highest)
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31. Illinois
> Homeownership rate: 66.0%
> Median owner-occupied home value: $209,100 (25th highest)
> Housing units with a mortgage: 62.4% (22nd highest)
> Median monthly housing costs (w/ mortgage): $1,688 (15th highest)
> Median household income: $69,187 (17th highest)
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30. Ohio
> Homeownership rate: 66.0%
> Median owner-occupied home value: $157,200 (8th lowest)
> Housing units with a mortgage: 62.1% (24th highest)
> Median monthly housing costs (w/ mortgage): $1,250 (9th lowest)
> Median household income: $58,642 (15th lowest)
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29. Virginia
> Homeownership rate: 66.1%
> Median owner-occupied home value: $288,800 (12th highest)
> Housing units with a mortgage: 67.7% (7th highest)
> Median monthly housing costs (w/ mortgage): $1,792 (13th highest)
> Median household income: $76,456 (10th highest)
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28. Florida
> Homeownership rate: 66.2%
> Median owner-occupied home value: $245,100 (22nd highest)
> Housing units with a mortgage: 56.3% (12th lowest)
> Median monthly housing costs (w/ mortgage): $1,530 (22nd highest)
> Median household income: $59,227 (17th lowest)
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27. Nebraska
> Homeownership rate: 66.3%
> Median owner-occupied home value: $172,700 (14th lowest)
> Housing units with a mortgage: 59.5% (20th lowest)
> Median monthly housing costs (w/ mortgage): $1,427 (23rd lowest)
> Median household income: $63,229 (25th highest)
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26. Kansas
> Homeownership rate: 66.5%
> Median owner-occupied home value: $163,200 (10th lowest)
> Housing units with a mortgage: 57.9% (14th lowest)
> Median monthly housing costs (w/ mortgage): $1,387 (20th lowest)
> Median household income: $62,087 (24th lowest)
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25. Louisiana
> Homeownership rate: 66.5%
> Median owner-occupied home value: $172,100 (13th lowest)
> Housing units with a mortgage: 51.7% (3rd lowest)
> Median monthly housing costs (w/ mortgage): $1,279 (14th lowest)
> Median household income: $51,073 (4th lowest)
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24. Tennessee
> Homeownership rate: 66.5%
> Median owner-occupied home value: $191,900 (18th lowest)
> Housing units with a mortgage: 58.2% (16th lowest)
> Median monthly housing costs (w/ mortgage): $1,264 (10th lowest)
> Median household income: $56,071 (9th lowest)
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23. Maryland
> Homeownership rate: 66.8%
> Median owner-occupied home value: $332,500 (9th highest)
> Housing units with a mortgage: 71.9% (the highest)
> Median monthly housing costs (w/ mortgage): $2,015 (7th highest)
> Median household income: $86,738 (the highest)
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22. Kentucky
> Homeownership rate: 67.0%
> Median owner-occupied home value: $151,700 (5th lowest)
> Housing units with a mortgage: 56.9% (13th lowest)
> Median monthly housing costs (w/ mortgage): $1,179 (6th lowest)
> Median household income: $52,295 (7th lowest)
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21. Missouri
> Homeownership rate: 67.1%
> Median owner-occupied home value: $168,000 (11th lowest)
> Housing units with a mortgage: 60.2% (23rd lowest)
> Median monthly housing costs (w/ mortgage): $1,271 (13th lowest)
> Median household income: $57,409 (13th lowest)
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20. Wisconsin
> Homeownership rate: 67.2%
> Median owner-occupied home value: $197,200 (21st lowest)
> Housing units with a mortgage: 62.7% (21st highest)
> Median monthly housing costs (w/ mortgage): $1,412 (21st lowest)
> Median household income: $64,168 (21st highest)
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19. Mississippi
> Homeownership rate: 67.3%
> Median owner-occupied home value: $128,200 (2nd lowest)
> Housing units with a mortgage: 49.1% (2nd lowest)
> Median monthly housing costs (w/ mortgage): $1,149 (4th lowest)
> Median household income: $45,792 (the lowest)
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18. South Dakota
> Homeownership rate: 67.8%
> Median owner-occupied home value: $185,000 (17th lowest)
> Housing units with a mortgage: 55.6% (10th lowest)
> Median monthly housing costs (w/ mortgage): $1,371 (18th lowest)
> Median household income: $59,533 (18th lowest)
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17. New Mexico
> Homeownership rate: 68.1%
> Median owner-occupied home value: $180,900 (16th lowest)
> Housing units with a mortgage: 52.9% (5th lowest)
> Median monthly housing costs (w/ mortgage): $1,269 (12th lowest)
> Median household income: $51,945 (6th lowest)
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16. Pennsylvania
> Homeownership rate: 68.4%
> Median owner-occupied home value: $192,600 (19th lowest)
> Housing units with a mortgage: 59.1% (17th lowest)
> Median monthly housing costs (w/ mortgage): $1,477 (23rd highest)
> Median household income: $63,463 (23rd highest)
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15. Alabama
> Homeownership rate: 68.8%
> Median owner-occupied home value: $154,000 (6th lowest)
> Housing units with a mortgage: 55.3% (8th lowest)
> Median monthly housing costs (w/ mortgage): $1,172 (5th lowest)
> Median household income: $51,734 (5th lowest)
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14. Montana
> Homeownership rate: 68.9%
> Median owner-occupied home value: $253,600 (20th highest)
> Housing units with a mortgage: 55.4% (9th lowest)
> Median monthly housing costs (w/ mortgage): $1,466 (24th highest)
> Median household income: $57,153 (11th lowest)
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13. Indiana
> Homeownership rate: 69.3%
> Median owner-occupied home value: $156,000 (7th lowest)
> Housing units with a mortgage: 65.2% (14th highest)
> Median monthly housing costs (w/ mortgage): $1,146 (3rd lowest)
> Median household income: $57,603 (14th lowest)
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12. South Carolina
> Homeownership rate: 70.3%
> Median owner-occupied home value: $179,800 (15th lowest)
> Housing units with a mortgage: 58.0% (15th lowest)
> Median monthly housing costs (w/ mortgage): $1,250 (9th lowest)
> Median household income: $56,227 (10th lowest)
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11. Delaware
> Homeownership rate: 70.3%
> Median owner-occupied home value: $261,700 (17th highest)
> Housing units with a mortgage: 65.5% (13th highest)
> Median monthly housing costs (w/ mortgage): $1,557 (21st highest)
> Median household income: $70,176 (16th highest)
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10. Iowa
> Homeownership rate: 70.5%
> Median owner-occupied home value: $158,900 (9th lowest)
> Housing units with a mortgage: 59.9% (22nd lowest)
> Median monthly housing costs (w/ mortgage): $1,266 (11th lowest)
> Median household income: $61,691 (21st lowest)
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9. Utah
> Homeownership rate: 70.6%
> Median owner-occupied home value: $330,300 (10th highest)
> Housing units with a mortgage: 70.1% (3rd highest)
> Median monthly housing costs (w/ mortgage): $1,605 (18th highest)
> Median household income: $75,780 (11th highest)
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8. Vermont
> Homeownership rate: 70.9%
> Median owner-occupied home value: $233,200 (24th highest)
> Housing units with a mortgage: 61.7% (25th highest)
> Median monthly housing costs (w/ mortgage): $1,606 (17th highest)
> Median household income: $63,001 (25th lowest)
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7. New Hampshire
> Homeownership rate: 71.0%
> Median owner-occupied home value: $281,400 (14th highest)
> Housing units with a mortgage: 64.9% (16th highest)
> Median monthly housing costs (w/ mortgage): $1,963 (8th highest)
> Median household income: $77,933 (8th highest)
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6. Idaho
> Homeownership rate: 71.6%
> Median owner-occupied home value: $255,200 (19th highest)
> Housing units with a mortgage: 64.3% (18th highest)
> Median monthly housing costs (w/ mortgage): $1,306 (16th lowest)
> Median household income: $60,999 (20th lowest)
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5. Michigan
> Homeownership rate: 71.6%
> Median owner-occupied home value: $169,600 (12th lowest)
> Housing units with a mortgage: 59.3% (19th lowest)
> Median monthly housing costs (w/ mortgage): $1,285 (15th lowest)
> Median household income: $59,584 (19th lowest)
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4. Wyoming
> Homeownership rate: 71.9%
> Median owner-occupied home value: $235,200 (23rd highest)
> Housing units with a mortgage: 59.2% (18th lowest)
> Median monthly housing costs (w/ mortgage): $1,417 (22nd lowest)
> Median household income: $65,003 (19th highest)
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3. Minnesota
> Homeownership rate: 71.9%
> Median owner-occupied home value: $246,700 (21st highest)
> Housing units with a mortgage: 65.1% (15th highest)
> Median monthly housing costs (w/ mortgage): $1,595 (19th highest)
> Median household income: $74,593 (13th highest)
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2. Maine
> Homeownership rate: 72.2%
> Median owner-occupied home value: $200,500 (23rd lowest)
> Housing units with a mortgage: 60.5% (24th lowest)
> Median monthly housing costs (w/ mortgage): $1,387 (20th lowest)
> Median household income: $58,924 (16th lowest)
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1. West Virginia
> Homeownership rate: 73.4%
> Median owner-occupied home value: $124,600 (the lowest)
> Housing units with a mortgage: 46.4% (the lowest)
> Median monthly housing costs (w/ mortgage): $1,052 (the lowest)
> Median household income: $48,850 (2nd lowest)
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