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.
Latest from NAHBNow
Economics
Aug 19, 2025
Single-Family Starts Edge Higher but Affordability Challenges PersistLed by solid multifamily production, overall housing starts increased 5.2% in July to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Construction Statistics
Aug 18, 2025
Mixed Signals: Single-Family Permits Slump While Multifamily Permits RiseSingle-family housing permits continued a downhill trend for the sixth month in a row in June, while an uptick in multi-family permits suggests a potentially stabilizing trend. See the largest 10 metro areas for each.
Latest Economic News
Economics
Aug 19, 2025
Single-Family Starts Edge Higher but Affordability Challenges PersistSingle-family housing starts posted a modest gain in July as builders continue to contend with challenging housing affordability conditions and a host of supply-side headwinds, including labor shortages, elevated construction costs and inefficient regulatory costs.
Economics
Aug 18, 2025
Residential Building Worker Wage Growth Slows Amid Housing SlowdownBoth real and nominal wage growth for residential building workers slowed during the second quarter of 2025, reflecting a broader cooling in the construction labor market, according to the latest report from the U.S. Bureau of Labor Statistics (BLS).
Economics
Aug 18, 2025
Builder Confidence Plateaus at Relatively Low LevelElevated mortgage rates, weak buyer traffic and ongoing supply-side challenges continued to act as a drag on builder confidence in August, as sentiment levels remain in a holding pattern at a low level.