Redfin Finds the Homeowner Population Fell in Q2

(Image courtesy of Stephen Leonardi/pexels.com)

Redfin, Seattle, in a new analysis, found that the number of U.S. homeowner households dropped by 0.1% year-over-year to an estimated 86.2 million in Q2.

That’s the first decline since 2016.

In contrast, the number of renter households is up by 2.6% to 46.4 million. That’s one of the largest jumps in recent years.

The U.S. homeownership rate is sitting at 65%, down from 65.6% in Q2 2024.

The renter population is at 35%, up slightly from 34.4% in last year’s Q2 data.

“America’s homeowner population is no longer growing because rising home prices, high mortgage rates and economic uncertainty have made it increasingly difficult to own a home,” said Chen Zhao, Redfin’s head of economics research. “People are also getting married and starting families later, which means they’re buying homes later–another factor that may be at play.”

Redfin noted that there’s some potentially good news–rates have been falling somewhat in recent weeks, and may be enticing buyers who have been waiting for more affordable conditions.

Redfin analyzed U.S. Census Bureau data for the report. A homeowner household is one where the head of household reports they own their property; a renter household is one where the head of household reports they are renting the property they live in.