Where Are Americans Choosing to Buy Instead of Rent?

The South was the only region to post an increase in homeownership rates from the first quarter of 2022 to the first quarter of 2023, but the Midwest once again cinched the top spot with the nation’s highest homeownership rate of 70.3%, according to the U.S. Census Bureau. Rental vacancy rates were the highest in the South (8.3%) and Midwest (7.5%), where more residents are choosing to purchase homes rather than renting.

The Bureau’s Housing Vacancies and Homeownership data revealed that a larger share of homeowners (41.6%) than renters (28.7%) held a bachelor’s degree or higher, and homeowners also had a median annual household income of $78,000 compared with renters’ $41,000.

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.

Read more