Report: home ownership slips in the U.S.

The homeownership rate in the United States now stands at 65.2%, marking a slight annual decline, according to a new report from Property Shark.

Specifically, the national homeownership rate ticked down 0.3% from 2023. In contrast, renter-occupied housing units constitute 34.8% of the national housing stock. This dynamic further reinforces the past years’ declining homeownership trend, fueled by economic trends, wage fluctuations, increasing property prices, lifestyle changes and generational shifts. 

It’s expected that the percentage of homeowners will increase by age and that older, more financially established generations would have higher homeownership rates than young adults just entering the job market, the report notes.

Specifically, Baby Boomers make up the largest percentage of homeowners by generation and age, representing about two-thirds of owners. At the same time, only a third of Millennials are owners, despite making up the bulk of would-be homebuyers, held back by rent costs, supply shortages — especially when it comes to starter homes — as well as disparities between wage growth trends and housing price increases, the report states.

Bay Area city and state data:

• San Francisco: Owner 39.2%, Renter 60.8%
• Oakland: Owner 43.6%, Renter 56.4%
• San Jose: Owner 55.2%, Renter 44.8%
• Fremont: Owner 60.5%, Renter 39.5%
• California: Owner 55.8%, Renter 44.2%