Own vs. Rent: Where are the Best Regions for Home Seekers
For those who are looking to rent their next home—and want to find something fast—the South and the Midwest regions of the United States might be their best bet. Those regions have the highest rental vacancies in the nation, in part because they also have the highest homeownership rates, according to a recent report from the U.S. Census Bureau.
The Bureau’s Home Vacancies and Homeownership report ranks the Midwest as having the nation’s highest homeownership rate (70.3%) in the first quarter of 2023, followed by the South (67.3%), Northeast (62.7%) and West (61.9%). Compared a year ago, homeownership rates have not changed much; the largest gain was in the West (up 1.7%).
When comparing the regions by rental vacancy rates, the rankings remained much the same. Rental vacancy rates were higher in the South (8.3%) and Midwest (7.5%) than in the West (4.3%) and Northeast (4.1%).
The Bureau’s report Owning or Renting the American Dream goes on to illustrate the demographic profiles of owners and renters, based on its 2021 American Housing Survey. It also examines trends and forecasts for new home sales, features and benefits.