The long view: U.S. homeownership hovered around 64–65% for decades before a credit-fueled surge pushed it to 69.2% in 2004 at the height of the housing bubble. The financial crisis sent it tumbling to a 50-year low of 62.9% in 2016. A slow recovery was briefly interrupted by the COVID-19 pandemic, which produced an anomalous spike to 67.9% in Q2 2020 as lockdowns temporarily suppressed household formation. Since then, high mortgage rates and elevated home prices have kept homeownership flat at around 65–66%.

By state: Homeownership varies enormously. Vermont (76.9%), Delaware (76%), and South Carolina (76.2%) lead the nation. DC (40%), New York (52.5%), and California (55.7%) have the lowest rates — driven by high costs, dense urban populations, and renter culture. The South and Midwest dominate the top of the rankings, reflecting lower home prices and stronger cultural emphasis on ownership.

Rental vacancy measures the share of rental units sitting empty. Low vacancy = tight rental market = rising rents. Louisiana (13.2%), Alabama (10.7%), and South Carolina (12%) have the most slack in their rental markets. Maine (2.5%), Connecticut (2.6%), and Massachusetts (4.9%) have the tightest — renters in these states face intense competition and high rents.

Homeowner vacancy measures the share of owner-occupied housing units sitting empty and for sale. A rate near 1% is historically normal. DC (3.3%) and Florida (2.4%) have unusually high homeowner vacancy — in DC's case driven by federal worker departures, in Florida's by elevated new construction and investor activity. Minnesota and Vermont (0.2%) have the tightest for-sale markets in the nation.