Owning or Renting the American Dream

Want to find a place to rent quickly? Move to the South or Midwest, regions that have the highest rental vacancies in the nation.

Profile of Owners vs Renters

That could be because those regions have the highest U.S. homeownership rates, according to the U.S. Census Bureau’s Housing Vacancies and Homeownership data, which provide current information on rental and homeowner vacancy rates and characteristics of units available for occupancy by region. Public and private sector organizations use these economic indicators to evaluate the need for new housing programs and initiatives.

Whether you’re a renter or homeowner, housing is in the spotlight as we observe American Housing Month and National Homeownership Month celebrating the value of homeownership and ways banks and other institutions can help people reach their housing goals.

Census Bureau surveys help complete the U.S. housing picture by viewing it through an economic and lifestyle lens.

Rent or Buy? You Choose

According to Home Vacancies and Homeownership data, the Midwest had the nation’s highest homeownership rate (70.3%) in the first quarter of 2023, followed by the South (67.3%), Northeast (62.7%) and West (61.9%).

Homeownership is defined as the proportion of households that are owners.

The homeownership rates, compared to the first quarter 2022, were higher in the West and not statistically different in the Northeast, Midwest, and South.  

Rental vacancy rates were higher in the South (8.3%) and Midwest (7.5%) than in the West (4.3%) and Northeast (4.1%). There was no statistical difference between the rates in the South and Midwest or between the West and Northeast.

The rates in the Midwest and South were higher and the rate in the Northeast lower than a year earlier; the rate in the West was not statistically different from first quarter 2022.

Who Owns and Who Rents?

The 2021 American Housing Survey provides a demographic profile of owners and renters and the types of housing and neighborhoods they choose.

Most U.S. owners:

• Had a home that was a detached, one-unit building (84.3%).
• Believed their neighborhood had good schools (92.7%).

Of the 5,380,000 U.S. homeowners planning to move in the next 12 months, 38.3% said they planned to move to a different city.

Most renters:

• Had a home in a building with two or more apartments (61.5%).
• Believed their neighborhood has good public transportation services (61.0%) and schools (89.3%).

Of the 14,375,000 renters planning to move in the next 12 months, 39.3% said they planned to move to a different neighborhood in the same city.

A bigger share of homeowners (41.6%) than renters (28.7%) had a bachelor’s degree or higher. They also earned more money: median annual household income was $78,000 compared to renters’ $41,000.

Don’t forget your Motor Run Capacitor!

NEED HELP?

Request Professional Services

Read more…