Rental snapshot

59

Homeowner vs. renter statistics reflect a decline in homeownership, with 35 percent of American households renting their home.

The nationwide homeownership rate was 65.4 percent as of 2022/Q1, a 1.53 percent decline from the previous quarter.

As of 2019, 78.7 million out of a total 122.9 million households own their homes.

44.2 million households rent their homes.

2.7 percent of occupied housing units are second homes.

10.6 percent of all housing units are vacant, up 0.28 percent from the previous quarter.

 

Homeowner vs. renter

While there are more homeowners than renters, the gap between them is shrinking as housing costs continue to climb.

The median household wealth among homeowners is 3,965 percent higher than it is among renters.

Excluding home equity, household wealth among homeowners is 1,469 percent higher than it is among renters.

Renters are 89.9 percent more likely than homeowners to be behind on housing payments (rent vs. mortgage payments).

The renter:owner ratio is 50.1 percent, its lowest since 2010 (49.56 percent).

Historically, the lowest renter:owner ratio was 44.9 percent in 2004.

The renter:owner ratio hit its 182.1 percent historic high in 2019.

Rental statistics

Industry experts predict rental demand will climb over the next 5 years, with many high population areas already experiencing rental housing shortages.

Renter households are more likely to be singles. 16.9 million or 38.3 percent of renting households are single occupant.

4 million renters (9.1 percent) and 48.2 million homeowners (61.2 percent) are married with both spouses present.

4 million renters and 3.6 million homeowners are unmarried couples with both partners present.

8 million veterans are homeowners compared to 3.6 million veterans who rent their homes. 585,000 active duty servicemembers owned their homes, compared to 533,000 active duty servicemembers who rented.

40.7 million or 34.6 percent of occupied housing units are renter-occupied.

28 percent of renter-occupied homes are detached single family units.

42 percent of renters live in single family homes. 17.5 percent of renters live in 2- to 4-unit buildings.

Homeownership statistically reduces wealth inequality to a significant degree. The median household wealth among renters is $6,270 or 5.1 percent of the median wealth among all households. The median household wealth among homeowners is $254,900 or 109 percent higher than the median household income among all households.

Excluding home equity, the median wealth among homeowners is $98,500.