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 Los Angeles-Long Beach-Anaheim metro area, 47.9% of residents own their homes, lower than the national homeownership rate and the lowest of any metro area in California.
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 low homeownership rate in the Los Angeles metro area, which has a relatively young population. The typical Los Angeles resident is 36.4 years old, lower than the national median age of 37.8 years.
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 Los Angeles, 32.7% 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 $31,201 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%|