A Look at Homeownership Across the U.S.
In honor of national homeownership month in June, we’re taking a look at homeownership stats across the US. One thing is for sure, homeownership across the United States has changed drastically over time. From urban to rural, coastal beaches to industrial cities, there’s no denying that each area of our country provides its own unique experience when deciding where to call home.
Here’s a look at how homeownership trends have shifted throughout our country over the years and some insights that might help as you’re planning your next move.
U.S. Homeownership By the Numbers
Checkout this snapshot of homeownership data from across the U.S.
- There are 83 million property owners in the U.S.
- According to the National Association of REALTORS, homeownership helps build financial security, with 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.
- The total value of owner-occupied housing rose by $8.2 trillion in the last decade
- The number of middle-income homeowners has increased by nearly one million.
- The typical homeowner has accumulated more than $200,000 in housing wealth due to price appreciation.
By understanding current and past homeownership trends across the US, potential buyers can better prepare themselves for their next move in today’s rapidly evolving housing market.
How Homeownership is Changing
The landscape of homeownership across the United States is constantly changing. And, as the economy has become more complex, we have seen a change in homeownership over the years.
From increasing numbers of middle-income homeowners to rising total values in housing, it’s clear that the U.S. is seeing a shift in who owns homes and how much those homes are worth.
Other influences also affect the way we purchase homes today:
- Rising mortgage rates, which may have been indirectly caused by changes in the Federal Reserve’s policies and programs.
- One-stop-shop homeownership has been on the rise today, meaning that buyers can purchase a home and secure financing and insurance for it all in one place.
- When buying a house, people look for online resources that can help them find the best home loans and mortgage rates in their area.
- 2023 has been a popular year to invest in real estate, with advantages like long-term appreciation and opportunity to hedge against inflation.
Although homeownership statistics have continued to change overtime, it remains to be a huge milestone in an individual’s life, bringing them a sense of independence and financial stability.
What Buyers are Looking for in 2023
With the real estate market in full swing, 2023 has been an especially popular year to invest in a home. As potential buyers search for their perfect property, they are looking for more than just four walls and a roof; they’re seeking homes that have all of the modern amenities and features that fit their lifestyle needs.
Homebuyers today expect convenience, comfort, safety, and sustainability from their new properties. Here’s what buyers are looking for when it comes to homeownership this year:
According to the HomeLight’s Top Agent Insights report for 2023, there has been an increase in the emphasis that homebuyers are placing on affordability. With rising mortgage rates and one-stop-shops becoming increasingly common, many buyers are focusing on searching for homes that provide some of their desired modern amenities all within their budget.
Storage has become another top priority for homebuyers in 2023. 60% of agents say they have seen an increase in non-romantic co-buyers, such as parents, adult children, siblings and friends – meaning potential buyers are looking to combine multiple households into one.
More families under one roof means more stuff, so storage is a major concern. People also desire a space to store cooking and cleaning supplies, which has caused certain kitchen amenities such as walk-in pantries, open shelving, and cabinets to gain popularity in recent years.
Outdoor entertainment amenities
Another feature that is becoming increasingly popular among buyers this year is outdoor entertainment amenities. Homeowners today are looking for ways to make the most out of their outdoor space, which means investing in features like decks, patios, fire pits, grills and other entertaining areas. Not only do these types of features add value to one’s home but also provide homeowners with an enjoyable way to spend time outdoors with family and friends.
Tips for Buyers in 2023
When searching for a home that encompasses all of your needs, it’s also important to keep these factors in mind before purchasing:
- Improve your credit score before buying a new home.
- Save for a down payment.
- Carefully choose the right agent for you.
- Understand your local market.
- Create a housing budget.
- Shop for a mortgage.
- See multiple homes.
- Work with experienced movers like ADSI to make relocating a breeze.
Being extra prepared before buying a home is always a smart idea, so make sure you have taken care of all the necessary steps to avoid any unwanted issues down the line.
With Spring and summer seeing a surge in home sales and purchases, we often refer to summertime as the peak moving season. Once you find your dream home, the team At ADSI Moving Systems is here to help you get moving! We offer a variety of moving services and storage services from D.I.Y. to white glove relocation assistance. Call us anytime to get a free estimate on any of your moving needs!