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  • Homeownership in the United States
    • First-Time Homeowner Statistics
  • Homeownership Rate by State
    • States With the Highest Homeownership Rates
    • States With the Lowest Homeownership Rates
  • Average Age of Homeowners
  • Costs of Owning a Home
  • Final Take
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Homeownership Statistics (2024)

In addition to considering the costs of owning a home, homeownership trends based on your age, location, and living preferences can help inform your decision as a first-time homebuyer.

Written by Stephanie Koncewicz Updated 11/25/2024

Highway at sunny autumn day in Vermont, USA
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Owning a home grants a certain confidence and responsibility. To better understand how homeownership has evolved in the United States in recent years, we analyzed U.S. Census Bureau data, industry research, and consumer surveys. 

Explore key statistics with us to discover trends in homeownership among states, ages, and genders. We also break down common homeownership costs. Our insights can help inform your homeownership experience no matter what stage you’re in—whether you’re an aspiring homeowner or ready to book a moving company to settle into your new home.

Key Findings

  • The homeownership rate in the third quarter of 2024 was 65.6%, down 3.6 percentage points from 2004’s homeownership peak.
  • The homeowner vacancy rate was at 1.0% in the third quarter of 2024, higher than the rate of 0.8% in the third quarter of 2023. 
  • The Midwest was the only region to increase its homeownership rate from 2023 to 2024. 
  • West Virginia, Delaware, Maine, Mississippi, and Wyoming had the highest homeownership rates in 2023. 
  • Washington, D.C., New York, California, Nevada, and Hawaii had the lowest homeownership rates in 2023. 
  • First-time homebuyers dropped to 24% of all buyers in 2024 from 32% in 2023. 
  • The average age of first-time homebuyers hit a high of 38 in 2024—with the homeownership rate of owners 35 and below dropping from 2023. 

Homeownership in the United States

Third quarter 2024 U.S. Census Bureau data indicated a 65.6% homeownership rate, which has been trending upward since 2016. The homeownership rate in 2016 was at a 20-year low. 

The annual 2024 National Association of Realtors (NAR) Profile of Home Buyers and Sellers showed that only 15% of homes purchased were new, with detached single-family homes continuing to be the most common type of home purchased at 75% of total available inventory. The NAR survey also revealed the following insights:

  • 62% of homebuyers were married couples, while the next highest group was single women at 20%. 
  • Nearly 3 out of 4 homebuyers (the highest share recorded) didn’t have a child under the age of 18 living at home. 
  • More than 80% of homebuyers identified as white/Caucasian, compared to 7% or fewer who identified as Hispanic/Latino, Black/African American, Asian/Pacific Islander, or another race. Homebuyers who identified as heterosexual comprised 88% of the total home-purchasing population. 
  • 16% of homebuyers were veterans. 
  • Recent buyers expect to live in their homes for a median of 15 years.

A majority of Americans, including more than 50% of white adults, Black adults, Hispanic adults, Republicans, and adults older than 30, would prefer to live in a larger house spread out from neighbors and several miles from local amenities, according to a Pew Research Center April 2023 survey. Most Asian adults, Democrats, and adults under 30 prefer the opposite. 

First-Time Homeowner Statistics

According to the NAR 2024 Profile of Home Buyers and Sellers survey, the share of first-time homebuyers decreased to 24%, 8% lower than in 2023. A NAR report summarizing data from the 2022 Profile of Home Buyers and Sellers indicated the share of first-time homebuyers was highest (50%) in 2010 when the First-Time Homebuyer Credit Act expired. 

The typical age of a first-time homebuyer in 2023 was 35 but increased to 38 in 2024—the highest since 1981. Six in 10 first-time homebuyers cited owning their own home as the primary reason for buying a home.

Homeownership Rate by State

Data from the U.S. Census Bureau shows that homeownership rates were the highest in the Midwest in the third quarter of 2024. The Midwest also was the only region with an increase year over year. 

States With the Highest Homeownership Rates

The following states had the highest homeownership rates in the country in 2023:

  • West Virginia (77.0%)
  • Delaware: (75.7%)
  • Maine (75.5%)
  • Mississippi (75.5%)
  • Wyoming (74.5%)
  • New Hampshire (74.3%)
  • Michigan (74.1%)
  • Minnesota (74.0%)
  • Alabama (73.8%)
  • Vermont (73.7%)

States With the Lowest Homeownership Rates

The following states and Washington, D.C., had the lowest homeownership rates:

  • Washington, D.C. (40.2%)
  • New York (53.3%)
  • California (55.8%)
  • Nevada (61.2%)
  • Hawaii 61.8%)
  • Massachusetts (61.9%)
  • New Jersey (62.7%)
  • Texas (63.6%)
  • Oregon (64.1%)
  • Alaska (64.3%)

Homeownership Rate by Age

According to recent Census data, ages 65 and older had the highest homeownership rate at 79.1%, while under 35 had the lowest at 37%—dropping from 38.3% in the third quarter of 2023. The 55–64 age group was the only group to see an increase from 2023, jumping 0.4 percentage points. 

Additional historical Census data indicated that homeownership among varying age groups has changed little since 2019. Homeownership among adults under 29 declined slightly from 2022 to 2023. Historically (with a minor exception in the second quarter of 2019), 60% or more of adults aged 35–44 owned a home. That percentage increases by about 10 points in the next age group bracket (45 to 54) and climbs with age.

Costs of Owning a Home

According to Zillow’s calculations, hidden homeownership expenses in 2023 total more than $14,000, or $1,180 per month. Unexpected expenses could threaten the average homeowner’s budget. Factors contributing to unexpected bills include the home’s age, location, and material construction, and any home warranty coverage. 

Examples of ancillary homeownership costs include the following: 

  • Homeowners insurance: On average, homeowners insurance costs 0.5% of a home’s purchase value. Premiums are often higher in areas prone to fires, tornados, hurricanes, floods, and other natural disasters. 
  • Maintenance: Per Thumbtack’s Home Care Price Index data released in 2024, home maintenance costs averaged $6,543.50 in 2023.
  • Property taxes: Exact costs depend on state regulations, but aiming for the national average of $2,827 per year is a good starting point. 
  • Utilities: Utilities include water, sewer, garbage, electricity, natural gas, cable, and internet. Landlords may bundle some utilities with rent.

Homeowners association (HOA) fees, pest control, landscaping, and home warranty coverage can also drive up the price of homeownership. The best home warranty companies can help you reduce costs—and stress—in the event of unexpected appliance and system breakdowns. Weigh the cost of an annual plan against potential repair and replacement costs for the next year to determine whether a home warranty is worth it.

Final Take

Prepare for homeownership by reviewing your finances and outlining the multiple facets and corresponding costs of owning a home. Purchasing a home with more room in your budget can bring financial peace of mind and stability to your homeownership experience.

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