The homeownership rate is the percent of households in a given area that are owner-occupied. Homeownership rates matter because they reflect economic stability, social cohesion, political engagement, and wealth distribution. They are a key metric for understanding the broader health of a society. High homeownership rates can signal overall societal well-being as homeownership fosters community involvement, social stability, and stronger local ties, as homeowners are more likely to stay in one place, invest in their neighborhoods, and participate in local activities, leading to safer, more cohesive communities.
From 2010 to 2016 homeownership rates for the region declined from 70.6% to 67.2%, reflecting the impact of the 2009 financial crisis. A recovery followed from 2017 to 2019, with rates rising to 69.1%. After 2020, homeownership increased significantly, reaching 71.4% in 2023, marking the highest level in over a decade.