CFED Scorecard

CFED Assets & Opportunity Scorecard

Housing & Homeownership
Homeownership by Income
Definition

Ratio of the homeownership rate of households in the top income quintile to households in the bottom income quintile, 2014.

Description

Homeownership is the primary means of building wealth for most Americans, and studies have noted the particular importance of home equity as source of wealth accumulation for low-income households. This measure describes the disparity in homeownership rates between rich and poor households, and in every state, low-income families have significantly lower rates of homeownership. For example, the homeownership rate for households in the top income quintile in Rhode Island is 4.1 times that of the bottom income quintile.

2.2 times as many of the richest 20% of households in United States are homeowners compared to the poorest 20%

Homeownership by Income, 2014

StateHomeownership Rate,
Top Quintile (%)
Homeownership Rate,
Bottom Quintile (%)
RatioRank
United States 85.3% 38.3% 2.23
Alabama 90.2% 42.7% 2.11 17
Alaska 86.9% 40.2% 2.16 20
Arizona 82.2% 41.3% 1.99 9
Arkansas 89.0% 43.8% 2.03 12
California 78.4% 30.2% 2.59 45
Colorado 87.1% 37.8% 2.30 35
Connecticut 91.5% 32.5% 2.82 47
Delaware 86.6% 47.9% 1.81 1
District of Columbia 68.8% 18.3% 3.77 50
Florida 83.9% 46.2% 1.82 2
Georgia 87.5% 37.8% 2.32 37
Hawaii 78.2% 36.5% 2.14 19
Idaho 88.3% 44.1% 2.00 10
Illinois 89.0% 36.6% 2.43 41
Indiana 91.2% 40.9% 2.23 27
Iowa 91.8% 45.3% 2.03 11
Kansas 90.7% 39.8% 2.28 33
Kentucky 90.0% 39.7% 2.27 32
Louisiana 86.7% 40.5% 2.14 18
Maine 94.3% 41.0% 2.30 34
Maryland 90.4% 40.9% 2.21 26
Massachusetts 89.0% 29.7% 2.99 48
Michigan 91.8% 42.2% 2.18 24
Minnesota 93.0% 41.5% 2.24 29
Mississippi 87.2% 44.7% 1.95 6
Missouri 89.4% 41.1% 2.18 23
Montana 88.9% 43.1% 2.06 14
Nebraska 89.2% 39.5% 2.26 31
Nevada 76.7% 33.2% 2.31 36
New Hampshire 94.3% 43.5% 2.17 22
New Jersey 88.4% 36.1% 2.45 42
New Mexico 85.2% 45.0% 1.89 4
New York 76.1% 25.3% 3.01 49
North Carolina 88.0% 40.2% 2.19 25
North Dakota 86.8% 33.4% 2.60 46
Ohio 90.5% 35.0% 2.59 44
Oklahoma 87.4% 41.7% 2.09 15
Oregon 87.7% 36.4% 2.41 40
Pennsylvania 90.9% 40.4% 2.25 30
Rhode Island 89.3% 21.6% 4.14 51
South Carolina 90.1% 46.9% 1.92 5
South Dakota 93.6% 38.9% 2.40 39
Tennessee 88.7% 40.9% 2.17 21
Texas 85.6% 38.3% 2.24 28
Utah 89.6% 42.5% 2.11 16
Vermont 91.2% 46.1% 1.98 8
Virginia 86.5% 42.1% 2.05 13
Washington 85.2% 36.5% 2.33 38
West Virginia 90.4% 48.9% 1.85 3
Wisconsin 91.1% 37.1% 2.46 43
Wyoming 88.0% 44.8% 1.96 7

Change in Homeownership by Income

Homeownership by Income (Ratio)
State20102011201220132014
United States 2.23 2.25 2.25 2.23 2.23
Alabama 2.04 1.96 2.05 2.06 2.11
Alaska 2.16 2.19 2.00 1.95 2.16
Arizona 2.03 1.99 2.08 2.01 1.99
Arkansas 2.25 2.12 2.18 2.12 2.03
California 2.61 2.64 2.68 2.66 2.59
Colorado 2.38 2.41 2.40 2.27 2.30
Connecticut 2.57 2.70 2.75 2.72 2.82
Delaware 1.92 1.88 1.82 1.85 1.81
District of Columbia 3.93 4.83 4.66 4.73 3.77
Florida 1.81 1.83 1.84 1.83 1.82
Georgia 2.22 2.33 2.34 2.28 2.32
Hawaii 2.15 2.73 2.19 2.22 2.14
Idaho 2.15 2.16 2.16 2.02 2.00
Illinois 2.38 2.35 2.39 2.34 2.43
Indiana 2.30 2.35 2.33 2.32 2.23
Iowa 2.07 2.27 2.09 2.16 2.03
Kansas 2.23 2.25 2.32 2.20 2.28
Kentucky 2.19 2.27 2.20 2.12 2.27
Louisiana 1.96 2.21 2.15 2.14 2.14
Maine 2.12 2.15 2.14 2.09 2.30
Maryland 2.25 2.22 2.20 2.19 2.21
Massachusetts 3.02 2.90 3.01 2.98 2.99
Michigan 2.10 2.20 2.15 2.09 2.18
Minnesota 2.19 2.24 2.24 2.21 2.24
Mississippi 2.00 1.89 1.96 1.92 1.95
Missouri 2.19 2.28 2.26 2.19 2.18
Montana 1.89 2.03 2.03 2.13 2.06
Nebraska 2.39 2.22 2.38 2.53 2.26
Nevada 2.36 2.38 2.45 2.24 2.31
New Hampshire 2.09 2.14 2.06 2.11 2.17
New Jersey 2.42 2.47 2.51 2.53 2.45
New Mexico 2.01 1.99 1.90 1.85 1.89
New York 3.10 3.23 3.01 3.02 3.01
North Carolina 2.17 2.14 2.17 2.15 2.19
North Dakota 2.57 2.45 2.34 2.65 2.60
Ohio 2.53 2.64 2.59 2.55 2.59
Oklahoma 2.09 2.22 2.05 2.10 2.09
Oregon 2.60 2.61 2.56 2.39 2.41
Pennsylvania 2.16 2.23 2.22 2.18 2.25
Rhode Island 3.63 3.21 3.24 3.49 4.14
South Carolina 2.02 1.99 1.96 1.93 1.92
South Dakota 2.41 2.13 2.13 2.27 2.40
Tennessee 2.25 2.17 2.11 2.16 2.17
Texas 2.23 2.19 2.22 2.17 2.24
Utah 2.34 2.44 2.25 2.07 2.11
Vermont 2.03 1.91 1.87 2.03 1.98
Virginia 1.97 1.96 2.03 2.02 2.05
Washington 2.51 2.43 2.36 2.41 2.33
West Virginia 1.82 1.91 2.00 1.90 1.85
Wisconsin 2.53 2.45 2.49 2.46 2.46
Wyoming 1.96 1.88 1.97 2.05 1.96

Definition

Ratio of the homeownership rate of households in the top income quintile to households in the bottom income quintile, 2014.

Calculated by dividing the higher value by the lower value (i.e., the homeownership rate of top income quintile households divided by bottom income quintile households). Income quintiles are calculated at the state level, and the income thresholds used to define quintiles can be found here.

A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality. 

Source

2014 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2015. Data calculated by CFED using Public Use Microdata Sample files.

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