As the homeownership population across the United States has stopped growing, Boston’s rate is below the national average, according to a new report from Redfin.
Greater Boston’s homeownership rate stands at 62.2 percent, below the national average of 65 percent. The national average dropped from 65.6 percent a year prior.
Additionally, the number of homeowner households in America fell 0.1 percent year over year to an estimated 86.2 million in the second quarter – the first decline in the population since 2016. By comparison, the number of renter households rose 2.6 percent to an estimated 46.4 million, which was one of the largest increases in recent years according to Redfin.
“America’s homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made it increasingly difficult to own a home,” Redfin’s head of economics research Chen Zhao said. “People are also getting married and starting families later, which means they’re buying homes later—another factor that may be at play.”
While the Boston area might be lagging in homeownership rates, other areas across New England are above the national average of 65 percent. The Worcester metro boasts homeownership rates of 66.3 percent.
Additionally, Connecticut has higher rates of homeownership, with Hartford’s homeownership rate standing at 67.9 percent. The Nutmeg state also is below the national average in terms of rental rates with Hartford’s standing at 32.1 percent.