AMARILLO, Texas (KAMR/KCIT) – A new report from Roofstock analyzes the distribution of U.S. homes that are renter-occupied compared to owner-occupied.
According to the report, In Amarillo, 60.8% of all homes are owner-occupied while renters occupy the other 39.2%. Owner-occupied households in Amarillo report a median household income of $66,570, compared to just $33,200 for renters.
While homeownership has been on the rise since 2016, and early data suggests it could be surging during COVID-19, the national homeownership rate remains below peak levels and out of reach for many Americans. Prior to the pandemic, approximately 36% of households in the U.S. were renter-occupied and 64% were owner-occupied, but in certain areas renters significantly outnumber homeowners.
The report continues that prospective home buyers face many challenges, including a lack of inventory and rising prices, which is keeping homeownership rates low in certain areas. Many older homeowners don’t want to move, which limits available options for first-time buyers. According to data from the U.S. Census Bureau, about 60% of current homeowners bought their home in 2009 or earlier and haven’t moved since. By contrast, about half of current renters moved into their current residence in 2017 or later.
Furthermore, the report claims a long period of low housing inventory has driven up prices and made it more difficult for the average worker to afford a home. Data from Zillow shows that the current median home price nationwide is $256,663, pricing many Americans out of the housing market. In fact, the national median household income for a homeowner is $81,988, nearly twice the median household income of a renter ($42,479).
To find which cities have the lowest homeownership rates (and the most renters), researchers at Roofstock say they analyzed housing data from the U.S. Census Bureau 2019 American Community Survey 1-Year Estimates. To improve relevance, cities were categorized by population size: small (100,000–149,999), midsize (150,000–349,999), and large (350,000 or more). All housing data presented below comes from 2019, when the homeownership rate nationwide was 64.1%.
The report’s analysis found that in Amarillo, 60.8% of all homes are owner-occupied while renters occupy the other 39.2%. Owner-occupied households in Amarillo report a median household income of $66,570, compared to just $33,200 for renters. Here is a summary of the data for Amarillo, TX:
- Homeownership rate: 60.8%
- Owner-occupied housing units: 46,336
- Renter-occupied housing units: 29,871
- Median household income (owners): $66,570
- Median household income (renters): $33,200
- Median home price: $140,030
For reference, here are the statistics for the entire United States:
- Homeownership rate: 64.1%
- Owner-occupied housing units: 78,724,862
- Renter-occupied housing units: 44,077,990
- Median household income (owners): $81,988
- Median household income (renters): $42,479
- Median home price: $256,663
For more information, a detailed methodology, and complete results, you can find the original report on Roofstock’s website.