Fewer and fewer Americans have been buying homes over the last decade. Today, just 63.0% of Americans own their homes, the smallest share since 1965. In the Detroit-Warren-Dearborn metro area, 68.0% of residents own their homes, higher than the national homeownership rate and the fourth lowest of any metro area in Michigan.
Young Americans are far less likely to own a home than older citizens, who have more savings and less mobility. This may be one reason for the high homeownership rate in the Detroit metro area, which has a relatively old population. The typical Detroit resident is 39.9 years old, higher than the national median age of 37.8 years.
One of the main factors affecting homeownership is the relative mobility of area families. Residents of dense, urban cities are often less likely to buy a home than those in rural areas, which tend to have less outbound migration and whose residents are consequently more likely to invest in a home. There are 6,963 residents per square mile in Detroit, a population density roughly similar to the average of 6,088 Americans per square mile across all U.S. metro areas.
While homeownership requires a higher level of financial stability than rental housing does, cities with more homeowners are often less wealthy. Educated, wealthy Americans are often more likely to move from their hometowns to pursue professional opportunities. Such families often delay buying a home and will rent for longer periods of time.
In Detroit, 29.5% of adults have at least a bachelor’s degree, a share roughly equivalent to the national college attainment rate of 30.6% of adults. The typical worker earns $31,864 a year, roughly similar to the national median annual earnings of $31,394.
|9||Ocean City, NJ||76.5%|
|8||Bay City, MI||76.9%|
|7||Sebastian-Vero Beach, FL||77.0%|
|6||East Stroudsburg, PA||77.3%|
|5||Barnstable Town, MA||77.4%|
|2||Homosassa Springs, FL||81.4%|
|1||The Villages, FL||90.4%|