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 Chicago-Naperville-Elgin metro area, 63.2% of residents own their homes, similar to the national homeownership rate and the second lowest of any metro area in Illinois.
Young Americans are far less likely to own a home than older citizens, who have more savings and less mobility. Despite the moderate homeownership rate in the Chicago metro area, the population is relatively young. The typical Chicago resident is 37.0 years old, slightly lower 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 30,240 residents per square mile in Chicago, a greater population density than 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 Chicago, 36.0% of adults have at least a bachelor’s degree, a larger share than the national college attainment rate of 30.6% of adults. The typical worker earns $35,493 a year, more than 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%|