Facts + Statistics: Homeowners and renters insurance

 
Homeowners insurance expenditures

The average homeowners insurance premium rose by 1.8 percent in 2019, following a 3.1 percent increase in 2018, according to a March 2022 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell 2.8 percent in 2019 marking the fifth consecutive annual decline. Renters insurance premiums fell 0.6 percent in 2018. (See tables in Expenditures for homeowners and renters insurance section).

 
Home inventories

On average, over nine survey years ending in 2020, 49 percent of homeowners said they prepared an inventory of their possessions to help document losses for their insurers, according to polls conducted for the Insurance Information Institute (Triple-I). Forty-three percent of homeowners said they had an inventory in the 2020 Triple-I Consumer Poll. The survey showed that homeowners in the South and West were more likely to have a home inventory (48 percent and 41 percent), followed by homeowners in the Northeast and Midwest (both regions at 39 percent).

 
Causes of homeowners insurance losses

In 2020, 6 percent of insured homes had a claim, according to ISO. Property damage, including theft, accounted for 97.7 percent of homeowners insurance claims in 2020 (latest data available). Changes in the percentage of each type of homeowners loss from one year to another are partially influenced by large fluctuations in the number and severity of weather-related events such as hurricanes and winter storms. There are two ways of looking at losses: by the average number of claims filed per 100 policies (frequency) and by the average amount paid for each claim (severity). The loss category “water damage and freezing” includes damage caused by mold, if covered. Every state except Alaska, Arkansas, New York, North Carolina and Virginia has adopted an ISO mold limitation for homeowners insurance coverage, which allows insurers to exclude the coverage unless the condition results from a covered peril.

 
Homeowners Insurance Losses, 2016-2020 (1)

 

  Total homeowners losses   Total homeowners losses
Year Claim frequency (2) Claim severity (3) Year Claim frequency (2) Claim severity (3)
2016 5.03 $11,977  2019 5.29 13,868 
2017 6.38 15,131  2020 6.01 13,955 
2018 6.23 14,424 Average (4) 5.79 13,962 

(1) For homeowners multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Excludes tenants and condominium policies. Excludes Alaska, Texas and Puerto Rico.
(2) Claims per 100 house-years (policies). One house-year represents policy coverage on a dwelling for 12 months.
(3) Average amount paid per claim; based on accident year incurred losses, excluding loss adjustment expenses, i.e., indemnity costs per accident year incurred claims.
(4) Weighted average, 2016-2020.

Source: ISO®, a Verisk Analytics® business.

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  • In 2020, 6 percent of insured homes experienced a claim, compared with 5.3 percent in 2019.

 

 
Homeowners Insurance Losses By Cause, 2016-2020 (1)

(Percent of losses incurred)

Cause of loss 2016 2017 2018 2019 2020
Property damage (2) 96.3% 97.5% 97.5% 97.0% 97.7%
     Wind and hail 34.1 47.0 40.0 38.1 45.5
     Water damage and freezing 28.7 18.3 23.9 28.4 19.9
     Fire and lightning  26.0 26.6 26.2 22.4 23.8
     Theft 1.8 1.0 0.9 0.9 0.6
     All other property damage (3) 5.7 4.7 6.5 7.1 7.9
Liability (4) 3.7% 2.5% 2.5% 3.0% 2.3%
     Bodily injury and property damage 3.5 2.3 2.3 2.7 2.0
     Medical payments and other 0.2 0.2 0.2 0.3 0.3
Credit card and other (5) (6) (6) (6) (6) (6)
Total 100.0% 100.0% 100.0% 100.0% 100.0%

(1) For homeowners multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Excludes tenants and condominium owners policies. Excludes Alaska, Texas and Puerto Rico.
(2) First party, i.e., covers damage to policyholder's own property.
(3) Includes vandalism and malicious mischief.
(4) Payments to others for which policyholder is responsible.
(5) Includes coverage for unauthorized use of various cards, forgery, counterfeit money and losses not otherwise classified.
(6) Less than 0.1 percent.

Source: ISO®, a Verisk Analytics® business.

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Average Homeowners Losses, 2016-2020 (1)

(Weighted average, 2016-2020)

Cause of loss Claim frequency (2) Claim severity (3)
Property damage (4) 5.70 $13,804
     Fire and lightning 0.26 77,340
     Water damage and freezing 1.61 11,650
     Wind and hail 2.88 11,695
     Theft 0.19 4,415
     All other (5) 0.76 6,773
Liability (6) 0.09 23,611
     Bodily injury and property damage 0.07 30,324
     Medical payments and other 0.03 7,147
Credit card and other (7) (8) $820 (9)
Average (property damage
and liability), 2016-2020
5.79 $13,962

(1) For homeowners multiple peril policies (HO-2, HO-3, HO-5 and HE-7 for North Carolina). Excludes tenants and condominium owners policies. Excludes Alaska, Texas and Puerto Rico.
(2) Claims per 100 house years (policies).
(3) Accident year incurred losses, excluding loss adjustment expenses, i.e., indemnity costs per accident year incurred claims.
(4) First party, i.e., covers damage to policyholder's own property.
(5) Includes vandalism and malicious mischief.
(6) Payments to others for which policyholder is responsible.
(7) Includes coverage for unauthorized use of various cards, forgery, counterfeit money and losses not otherwise classified.
(8) Less than 0.01.
(9) Claim severity for credit card and other is significantly lower than was shown in previous years due to a change in the companies surveyed to produce the data. The new selection of companies use different exclusions which have been applied throughout the five years used in this chart.

Source: ISO®, a Verisk Analytics® business.

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  • In the five-year period, 2016-2020, 5.8 percent of insured homes had a claim. Wind and hail accounted for the largest share of claims, with 2.9 percent of insured homes having such a loss, followed by water damage and freezing with 1.6 percent of homes having a loss.

Homeowners Insurance Claims Frequency*

  • About one in 20 insured homes has a claim each year.
  • About one in 35 insured homes has a property damage claim related to wind or hail each year.
  • About one in 60 insured homes has a property damage claim caused by water damage or freezing each year.
  • About one in 385 insured homes has a property damage claim related to fire and lightning.
  • About one in 525 insured homes has a property damage claim due to theft each year.
  • About one in 1,425 homeowners policies has a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others.

*Insurance Information Institute calculations, based on ISO®, a Verisk Analytics® business, data for homeowners insurance claims from 2016-2020 (see table above).

 

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Consumer prices

To shed light on inflation, the Bureau of Labor Statistics maintains a consumer price index (CPI) which tracks monthly and annual changes in the average prices paid by urban consumers for a representative basket of goods and services. The Consumer Price Index for All Urban Consumers (CPI-U) represents data for 93 percent of the U.S. population not living in remove rural areas, institutions, or on military bases. The CPI-U rose 8 percent in 2022. The cost of motor vehicle insurance for these consumers increased 7.9 percent in 2022 while the cost of used cars and trucks increased 12.7 percent.

 
Consumer Price Indices For Insurance And Related Items And Annual Rates Of Change, 2013-2022 (Cont'd)

(Base: 1982-84=100)

  Used cars and trucks Tenants and
household insurance (3), (4)
Repair of
household items (3), (5)
Legal services Existing single-
family homes
Year Index  Percent change Index  Percent change Index  Percent change Index  Percent change Median price ($000)  Percent change
2013 149.9 -0.3% 135.4 3.1% 206.7 4.0% 311.8 2.8% 197 11.4%
2014 149.1 -0.5 141.9 4.8 212.4 2.8 318.5 2.1 208 5.7
2015 147.1 -1.3 146.4 3.2 220.1 3.6 323.6 1.6 224 7.5
2016 143.5 -2.5 147.7 0.9 226.3 2.8 334.5 3.4 236 5.2
2017 138.3 -3.6 148.8 0.7 239.3 5.8 346.4 3.6 247 5.6
2018 138.4 0.1 150.7 1.3 253.7 6.0 361.2 4.3 262 5.1
2019 139.8 1.0 151.8 0.7 268.7 5.9 364.8 1.0 275 5.0
2020 144.2 3.2 151.1 -0.5 270.0 0.5 368.7 1.1 300 9.3
2021 182.6 26.6 150.7 -0.3 NA NA 374.4 1.5 357 19
2022 205.9 12.7 150.5 -0.1 NA NA 399.4 6.7 393 9.9
Percent change,
2013-2022
  37.4%   11.2%   NA   28.1%   99.2%

(1) December 1996=100.
(2) December 1983=100.
(3) December 1997=100.
(4) Only includes insurance covering rental properties.
(5) Includes appliances, reupholstery and inside home maintenance.

NA=Data not available.

Note: Percent changes are calculated from unrounded data.

Source: U.S. Department of Labor, Bureau of Labor Statistics; National Association of Realtors.

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Expenditures for homeowners and renters insurance

The average homeowners insurance premium rose by 3.1 percent in 2018, following a 1.6 percent increase in 2017, according to a January 2021 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell 0.6 percent in 2018 marking the fourth consecutive annual decline. Renters insurance premiums fell 2.7 percent in 2017.

The U.S. homeownership rate was 65.5 percent in the fourth quarter of 2021, according to the U.S. Census Bureau. The 2010 Census showed that in some of the largest cities renters outnumbered owners, including New York, where 69.0 percent of households were occupied by renters, followed by Los Angeles (61.8 percent), Chicago (55.1 percent) and Houston (54.6 percent). 

 
Average Premiums For Homeowners And Renters Insurance, 2010-2019

 

Year Homeowners (1) Percent change Renters (2) Percent change
2010 $909 3.3% $185 0.5%
2011 979 7.7 187 1.1
2012 1,034 5.6 187 (3)
2013 1,096 6.0 188 0.5
2014 1,132 3.3 190 1.1
2015 1,173 3.6 188 -1.1
2016 1,192 1.6 185 -1.6
2017 1,211 1.6 180 -2.7
2018 1,249 3.1 179 -0.6
2019 1,272 1.8 174 -2.8

(1) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(2) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
(3) Less than 0.1 percent.

Source: © 2022 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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Average Premiums For Homeowners And Renters Insurance By State, 2019 (1)

 

  Homeowners Renters   Homeowners Renters
State Average
premium (2)
Rank (3) Average
premium (4)
Rank (3) State Average
premium (2)
Rank (3) Average
premium (4)
Rank (3)
Alabama  $1,463 12 $219  5 Montana $1,287 19 $149  40
Alaska  962 38 182  14 Nebraska 1,564 9 144  46
Arizona  850 46 164  24 Nevada 791 48 179  19
Arkansas  1,456 13 208  7 New Hampshire 1,021 34 146  45
California (5) 1,177 28 175  20 New Jersey 1,237 23 156  35
Colorado  1,618 7 159  28 New Mexico 1,126 30 186  10
Connecticut  1,531 10 183  13 New York 1,357 16 185  11
Delaware 908 43 153  36 North Carolina 1,193 26 159  29
D.C. 1,275 20 158  30 North Dakota 1,236 24 115  51
Florida  1,988 3 180  18 Ohio 853 45 163  26
Georgia  1,362 15 209  6 Oklahoma 2,000 2 235  3
Hawaii  1,182 27 174  21 Oregon 727 51 158  31
Idaho  799 47 148  43 Pennsylvania 955 39 153  37
Illinois  1,054 33 157  32 Rhode Island 1,731 5 182  16
Indiana  983 36 164  25 South Carolina 1,303 17 182  17
Iowa  913 42 132  48 South Dakota 1,218 25 117  50
Kansas  1,519 11 167  23 Tennessee 1,259 21 189  8
Kentucky  1,172 29 162  27 Texas (6) 1,982 4 220  4
Louisiana  2,037 1 236  2 Utah 743 50 149  41
Maine  936 41 149  39 Vermont 947 40 151  38
Maryland  1,125 31 157  33 Virginia  1,080 32 149  42
Massachusetts  1,617 8 186  9 Washington 908 44 157  34
Michigan  999 35 182  15 West Virginia 968 37 185  12
Minnesota  1,433 14 135  47 Wisconsin 750 49 127  49
Mississippi  1,622 6 252  1 Wyoming 1,244 22 147  44
Missouri  1,299 18 173  22 United States $1,272    $174  

(1) Includes state funds, residual markets and some wind pools.
(2) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(3) Ranked from highest to lowest. States with the same premium receive the same rank.
(4) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
(5) Data provided by the California Department of Insurance.
(6) Texas data were obtained from the Texas Department of Insurance.

Note: Average premium=Premiums/exposure per house years. A house year is equal to 365 days of insured coverage for a single dwelling. The NAIC does not rank state average expenditures and does not endorse any conclusions drawn from this data.

Source: ©2022 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC.

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Top 10 Most Expensive And Least Expensive States For Homeowners Insurance Premiums, 2019 (1)

 

Rank Most expensive states Average expenditure Rank Least expensive states Average expenditure
1 Louisiana $2,037 Oregon $727
2 Oklahoma 2,000 Utah 743
3 Florida 1,988 Wisconsin 750
4 Texas (2) 1,982 Nevada 791
4 Rhode Island 1,731 Idaho 799
5 Mississippi 1,622 Arizona  850
6 Colorado  1,618 Ohio 853
7 Massachusetts 1,617 Delaware 908
8 Nebraska 1,564 Washington 908
9 Connecticut 1,531 10  Iowa 913

(1) Based on the HO-3 homeowner package policy for owner-occupied dwellings, 1 to 4 family units. Provides all risks coverage (except those specifically excluded in the policy) on buildings and broad named-peril coverage on personal property, and is the most common package written.
(2) Texas data were obtained from the Texas Department of Insurance.

Source: © 2022 National Association of Insurance Commissioners (NAIC). Further reprint or distribution strictly prohibited without written permission of NAIC.

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Top 10 Writers Of Homeowners Insurance By Direct Premiums Written, 2021

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 State Farm Mutual Automobile Insurance $22,046,155 18.4%
2 Allstate Corp. 10,500,630 8.8
3 Liberty Mutual 8,382,682 7.0
4 USAA Insurance Group 7,988,445 6.7
5 Farmers Insurance Group of Companies 7,608,035 6.4
6 Travelers Companies Inc. 5,557,121 4.6
7 American Family Insurance Group 5,003,013 4.2
8 Nationwide Mutual Group 3,522,394 2.9
9 Chubb Ltd. 3,210,874 2.7
10 Progressive Corp. 2,217,188 1.9

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Homeowners Insurance Industry Underwriting Expenses, 2021 (1)

 

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 76.0%
    Incurred losses 67.0
    Defense and cost containment expenses incurred 1.9
    Adjusting and other expenses incurred 7.0
Operating expenses (3)  
Expense ratio 27.9%
    Net commissions and brokerage expenses incurred 12.1
    Taxes, licenses and fees 2.6
    Other acquisition and field supervision expenses incurred 7.8
    General expenses incurred 5.4
Dividends to policyholders (2) 0.4%
Combined ratio after dividends (4) 104.3%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($99.5 billion in 2021).
(3) As a percent of net premiums written ($104.2 billion in 2021).
(4) Sum of loss and LAE, expense and dividends ratios. Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Home injuries

In 2020, 31.8 million Americans experienced an unintentional injury in the home that required aid from a medical professional, according to an analysis by the National Safety Council (NSC). There were 113,500 deaths from unintentional home injuries in 2020, up 21.1 percent from 2019. The overall death rate rose to 34.4 deaths per 100,000 people in 2020. Since 1912, the death rate had been almost unchanged at 28.5 deaths per 100,000 people. The number of unintentional home injury deaths has increased by 272 percent since 1999, largely due to increases in unintentional poisonings and falls.

 
Unintentional Home Deaths And Injuries, 2020

 

Deaths 113,500
Medically consulted injuries 31,800,000
Death rate per 100,000 population 34.4

Source: National Safety Council estimates based on data from National Center for Health Statistics and state vital statistics departments.

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High-risk markets

A myriad of different programs in place across the United States provide insurance to owners of property in high-risk areas who may have difficulty obtaining coverage from the standard market. Residual, shared or involuntary market programs make basic insurance coverage more readily available. Today, property insurance for the residual market is provided by Fair Access to Insurance Requirements (FAIR) plans, beach and windstorm plans, and two state-run insurance companies in Florida and Louisiana: Florida’s Citizens Property Insurance Corp. and Louisiana’s Citizens Property Insurance Corp. Established in the late 1960s to ensure the continued provision of insurance in urban areas, FAIR plans often provide property insurance in both urban and coastal areas. Beach and windstorm plans cover predominantly wind-only risks in designated coastal areas. Over the past four decades FAIR and beach and windstorm plans experienced explosive growth both in the number of policies and in exposure value.

 
Insurance Provided By FAIR Plans, Fiscal Years 2012-2021 (1)

 

  Number of policies    
Year Habitational Commercial Total Exposure (2)
($000)
Direct premiums
written ($000)
2012 2,518,808 71,776 2,590,584 $635,705,150 $4,059,446
2013 2,484,816 64,359 2,549,175 445,635,335 3,685,283
2014 2,015,536 61,285 2,076,821 424,732,706 3,029,772
2015 1,728,423 51,443 1,779,866 373,829,442 2,198,182
2016 1,498,430 37,522 1,535,952 343,141,990 1,865,744
2017 1,449,312 29,641 1,478,953 327,209,703 1,747,336
2018 1,339,004 24,484 1,363,488 324,765,281 1,694,115
2019 1,370,999 25,776 1,396,775 350,545,986 1,506,609
2020 1,474,616 22,645 1,497,261 424,815,716 2,196,042
2021 1,729,208 24,352 1,753,560 556,808,169 3,012,193

(1) Includes the Texas FAIR Plan; Florida’s Citizens Property Insurance Corporation, which includes FAIR and Beach Plans; the Louisiana Citizens Property Insurance Corporation, which includes FAIR and Beach Plans and premiums written after 2007; and North Carolina after 2010.
(2) Exposure is the estimate of the aggregate value of all insurance in force in all FAIR Plans in all lines (except liability, where applicable, and crime) for 12 months ending September through December.

Source: Property Insurance Plans Service Office (PIPSO).

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Insurance Provided By FAIR Plans By State, Fiscal Year 2021 (1)

 

  Number of policies    
State Habitational Commercial Total Exposure (2)
($000)
Direct premiums
written ($000)
California 226,524 5,543 232,067 $160,401,838 $475,987
Connecticut 1,315 32 1,347 245,107 1,834
Delaware 1,183 51 1,234 215,408 461
D.C. 106 14 120 44,571 123
Florida (3) 808,431 4,973 813,404 232,502,324 1,814,135
Georgia 9,307 357 9,664 1,938,500 14,001
Illinois 2,014 45 2,059 284,410 3,094
Indiana 806 23 829 106,400 1,017
Iowa 1,057 7 1,064 63,175 767
Kansas 12,564 174 12,738 801,000 7,416
Kentucky 5,936 258 6,194 280,546 3,130
Louisiana (3) 45,072 2,021 47,093 8,583,728 75,859
Maryland 836 46 882 280,472 703
Massachusetts 202,424 186 202,610 85,805,084 296,276
Michigan 15,752 242 15,994 2,296,987 10,765
Minnesota 4,045 48 4,093 291,782 2,935
Mississippi (4) 3,361 0 3,361 197,794 2,220
Missouri 2,000 92 2,092 161,015 1,658
New Jersey 8,423 225 8,648 1,214,337 5,653
New Mexico 8,020 240 8,260 78,568 4,627
New York 25,106 1,801 26,907 7,413,000 27,322
North Carolina 205,650 6,016 211,666 29,087,267 128,425
Ohio 12,151 252 12,403 3,513,606 11,253
Oregon 1,647 50 1,697 255,569 987
Pennsylvania 10,646 934 11,580 1,193,454 4,738
Rhode Island 13,501 94 13,595 3,958,950 22,217
Texas (4) 72,520 0 72,520 11,471,201 75,648
Virginia 23,953 421 24,374 3,551,975 16,042
Washington 96 41 137 49,702 327
West Virginia 297 46 343 28,274 241
Wisconsin 4,465 120 4,585 492,125 2,332
Total 1,729,208 24,352 1,753,560 $556,808,169 $3,012,193

(1) Excludes the FAIR Plans of Arkansas and Hawaii.
(2) Exposure is the estimate of the aggregate value of all insurance in force in all FAIR Plans in all lines (except liability, where applicable, and crime) for 12 months ending September through December.
(3) Citizens Property Insurance Corporation, which combined the FAIR and Beach Plans.
(4) The Mississippi and Texas FAIR Plans do not offer a commercial policy.

Source: Property Insurance Plans Service Office (PIPSO).

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Renters and homeowners demographics

In 2021, 65.4 percent of housing units were owner occupied and 34.6 percent were renter occupied, according to the latest U.S. Census figures.

The nation's homeowners paid a median of $1,672 monthly housing costs in 2021, compared with $1,191 for renters, according to the latest American Community Survey from the U.S. Census Bureau.

However, renters usually paid a higher percentage of their household income on these costs than did owners, 47.4 percent compared with 27.4 percent of homeowners who spent 30 percent or more of their income on housing costs in 2021.

 
Percent Of Occupied Housing Units That Are Owner Occupied, 2021

 

State Percent Rank (1) State Percent Rank (1)
Alabama 70.0% 13 Montana 69.5% 17
Alaska 66.8 35 Nebraska 67.8 23
Arizona 67.6 25 Nevada 59.1 48
Arkansas 67.0 32 New Hampshire 72.5 7
California 55.9 49 New Jersey 64.4 40
Colorado 66.8 35 New Mexico 69.5 17
Connecticut 66.6 37 New York 55.4 50
Delaware 72.6 6 North Carolina 66.9 34
D.C. 41.6 51 North Dakota 63.1 45
Florida 67.4 29 Ohio 67.2 31
Georgia 66.0 38 Oklahoma 65.5 39
Hawaii 62.6 46 Oregon 63.8 42
Idaho 71.9 8 Pennsylvania 69.9 14
Illinois 67.5 27 Rhode Island 63.3 43
Indiana 71.1 12 South Carolina 71.8 10
Iowa 71.9 8 South Dakota 69.4 19
Kansas 67.0 32 Tennessee 67.5 27
Kentucky 68.7 21 Texas 62.6 46
Louisiana 67.3 30 Utah 69.7 15
Maine 74.8 2 Vermont 72.7 5
Maryland 67.8 23 Virginia 67.6 25
Massachusetts 63.2 44 Washington 64.0 41
Michigan 73.2 3 West Virginia 75.2 1
Minnesota 73.0 4 Wisconsin 68.1 22
Mississippi 69.7 15 Wyoming 71.4 11
Missouri 68.8 20 United States 65.4%  

(1) States with the same percentages receive the same rank.

Source: U.S. Department of Commerce, Census Bureau; American Community Survey.

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  • In 2021 West Virginia, Maine, Michigan, and Minnesota had the highest percentage of owner-occupied housing units.
  • The District of Columbia had the lowest percentage of owner-occupied units, followed by New York, California, Nevada and Texas.

 

 
Percent Of Mortgaged Owners Occupied Units Spending 30 Percent Or More Of Their Income On Monthly Owner Costs, 2021

 

State Percent  Rank (1) State Percent  Rank (1)
Alabama 23.4% 36 Montana 27.6% 17
Alaska 30.1 9 Nebraska 21.7 45
Arizona 26.4 20 Nevada 30.7 7
Arkansas 22.8 39 New Hampshire 26.2 23
California 37.5 2 New Jersey 33.3 3
Colorado 28.9 12 New Mexico 28.6 14
Connecticut 29.7 11 New York 32.7 5
Delaware 26.3 21 North Carolina 23.8 33
D.C. 26.3 21 North Dakota 21.0 47
Florida 32.8 4 Ohio 20.5 48
Georgia 25.0 29 Oklahoma 23.6 34
Hawaii 41.3 1 Oregon 30.5 8
Idaho 25.6 27 Pennsylvania 22.8 39
Illinois 26.5 19 Rhode Island 32.1 6
Indiana 19.2 51 South Carolina 25.2 28
Iowa 20.0 49 South Dakota 23.1 37
Kansas 22.1 44 Tennessee 24.2 32
Kentucky 22.5 42 Texas 28.4 15
Louisiana 27.3 18 Utah 23.5 35
Maine 24.9 30 Vermont 28.1 16
Maryland 26.1 24 Virginia 24.6 31
Massachusetts 29.8 10 Washington 28.7 13
Michigan 23.1 37 West Virginia 20.0 49
Minnesota 22.6 41 Wisconsin 22.2 43
Mississippi 26.1 24 Wyoming 25.7 26
Missouri 21.4 46 United States 27.4%  

(1) Percent of mortgaged owner-occupied housing units spending 30 percent or more of household income on selected owner costs such as all mortgage payments (first mortgage, home equity loans, etc.), real estate taxes, property insurance, utilities, fuel and condominium fees if applicable.
(2) States with the same percentages receive the same rank.

Source: U.S. Department of Commerce, Census Bureau; American Community Survey.

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  • In 2021, Hawaii, California, New Jersey and Florida had the highest homeownership costs, based on the percentage of homes in which owners spent 30 percent or more of their income on homeowner-ownership related expenses.
  • Ohio, Iowa, West Virginia, and Indiana had the lowest costs, based on the percentage of homes in which owners spent 30 percent of more of their income on homeowner-ownership expenses.

 

 
Percent Of Renter Occupied Units Spending 30 Percent Or More Of Their Income On Rent And Utilities, 2021

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 43.4% 34 Montana 37.9% 50
Alaska 45.0 25 Nebraska 42.7 38
Arizona 47.9 13 Nevada 52.1 4
Arkansas 39.9 47 New Hampshire 42.6 39
California 52.7 3 New Jersey 48.9 9
Colorado 50.5 5 New Mexico 44.3 29
Connecticut 49.1 8 New York 50.3 6
Delaware 47.0 16 North Carolina 44.5 27
D.C. 45.1 24 North Dakota 38.5 49
Florida 54.9 1 Ohio 40.6 44
Georgia 47.6 14 Oklahoma 42.0 41
Hawaii 53.4 2 Oregon 48.6 10
Idaho 43.2 36 Pennsylvania 44.2 31
Illinois 44.4 28 Rhode Island 45.8 21
Indiana 43.3 35 South Carolina 44.9 26
Iowa 41.2 42 South Dakota 35.0 51
Kansas 39.7 48 Tennessee 43.9 33
Kentucky 40.6 44 Texas 47.5 15
Louisiana 48.4 12 Utah 45.3 23
Maine 42.9 37 Vermont 46.8 17
Maryland 49.3 7 Virginia 46.1 19
Massachusetts 48.5 11 Washington 46.3 18
Michigan 46.1 19 West Virginia 41.1 43
Minnesota 45.5 22 Wisconsin 40.6 44
Mississippi 44.3 29 Wyoming 44.0 32
Missouri 42.2 40 United States 47.4%  

(1) Percent of renter-occupied units spending 30 percent or more on rent and utilities such as electric, gas, water and sewer, and fuel (oil, coal, etc.) if paid by the renter.
(2) States with the same percentages receive the same rank.

Source: U.S. Department of Commerce, Census Bureau; American Community Survey.

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  • Nationwide, 47.4 percent of renters spent at least 30 percent of their household income on rent and utilities in 2021.
  • In 2021 Kansas, North Dakota, Montana, South Dakota had the lowest percentage of rental units in which occupants spent 30 percent or more of their income on rent. Florida, Hawaii, California, Nevada and Colorado had the highest percentage.

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