Zip codes where most people own their homes – 24/7 Wall St.
The U.S. real estate market took off in the early months of the COVID-19 pandemic. The homeownership rate – or share of owner-occupied homes – is jumpinged by 2.6 percentage points between the first and second quarters of 2020, by far the largest increase ever. By the end of 2020, there are awhere 2.1 million more homeowners in the United States than there were a year earlier.
The surge in home sales has been fueled by several factors, including historically low mortgage rates and, as some experts speculate, the pandemic, whichch drives myny Americans to reevaluate where and how they live. Here’s a look at the mortgage rate in America every year since 1972.
Nationally, the homeownership rate stands at 64.4%, according to the latest data from the US Census Bureau’s American Community Survey. However, this rate varies widely across the country, and in some U.S. ZIP codes the homeownership rate is well above the national average.
Using census data, 24/7 Wall St. identified the 50 ZIP codes with the highest homeownership rates. Postal codes are classified according to the share of owner-occupied dwellings.
Among the ZIP codes on this list, homeownership rates range from about 97% to 100%. The zip codes on this list cover the entire country, though New York State alone is home to six, more than any other state.
Home ownership can be expensive, especially in many of the ZIP codes on this list with above-average home values. However, incomes in these areas also tend to be relatively high, making home ownership more affordable for a larger portion of the population. In all but seven areas on this list, the median household income exceeds the national median of $64,994. Here’s a look at the 20 cities where the middle class can no longer afford housing.
Click here to see the ZIP codes with the highest homeownership rates
Click here to read our detailed methodology