Facts + Statistics: Homeowners and renters insurance

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Homeowners insurance premiums

The average homeowners insurance premium rose by 7.6 percent in 2021 from 2020, according to a December 2023 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell by 1.7 percent in 2021 marking the seventh consecutive annual decline.

Home inventories

According to a 2023 Triple-I/Munich Re Consumer Survey, 47 percent of homeowners said they prepared an inventory of their possessions to help document losses for their insurers.

Causes of homeowners insurance losses

In 2021, 5.3 percent of insured homes had a claim, according to ISO. Property damage, including theft, accounted for 97.7 percent of homeowners insurance claims in 2021 (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.

Homeowners Insurance Losses, 2017-2021 (1)

 

Year Claim frequency (2) Claim severity (3) Year Claim frequency (2) Claim severity (3)
2017 6.44 $15,928 2020 6.28 14,844
2018 6.21 14,563 2021 5.32 16,048
2019 5.35 14,031 Average (4) 5.92 15,091

(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 2021, 5.3 percent of insured homes experienced a claim, compared with 6.3 percent in 2020.

 

Homeowners Insurance Losses By Cause, 2017-2021 (1)

(Percent of losses incurred)

Cause of loss 2017 2018 2019 2020 2021
Property damage (2) 97.7% 97.5% 96.8% 97.6% 97.7%
     Wind and hail 48.0 39.5 38.3 47.8 39.4
     Water damage and freezing 18.0 24.5 29.0 19.9 23.5
     Fire and lightning  26.2 26.0 21.5 21.9 24.8
     Theft 1.0 1.0 1.0 0.6 0.7
     All other property damage (3) 4.6 6.5 7.1 7.4 9.4
Liability (4) 2.3% 2.5% 3.2% 2.4% 2.3%
     Bodily injury and property damage 2.2 2.3 2.8 2.1 1.8
     Medical payments and other 0.1 0.2 0.4 0.4 0.5
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, 2017-2021 (1)

(Weighted average, 2017-2021)

Cause of loss Claim frequency (2) Claim severity (3)
Property damage (4) 5.83 $14,935
     Fire and lightning 0.26 83,519
     Water damage and freezing 1.61 12,514
     Wind and hail 2.97 12,913
     Theft 0.16 4,646
     All other (5) 0.83 7,460
Liability (6) 0.09 25,323
     Bodily injury and property damage 0.06 31,663
     Medical payments and other 0.03 10,179
Credit card and other (7) (8) $1,202 (9)
Average (property damage
and liability), 2017-2021		 5.92 $15,091

(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, 2017-2021, 5.9 percent of insured homes had a claim. Wind and hail accounted for the largest share of claims, with 3 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*

Each year,

  • About one in 20 insured homes has a claim.
  • About one in 35 insured homes has a property damage claim related to wind or hail.
  • About one in 60 insured homes has a property damage claim caused by water damage or freezing.
  • About one in 385 insured homes has a property damage claim related to fire and lightning.
  • About one in 625 insured homes has a property damage claim due to theft
  • About one in 1,670 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 2017-2021 (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 4.1 percent in 2023. The cost of motor vehicle insurance for these consumers increased 17.4 percent in 2023 while the cost of used cars and trucks decreased -7.1 percent.

Consumer Price Indices For Insurance And Related Items And Annual Rates Of Change, 2014-2023 (Cont'd)

(Base: 1982-84=100)

  Used cars and trucks Tenants and
household insurance (3), (4)		 Repair of
household items (3), (5)		 Legal services (6) Existing single-
family homes
Year Index  Percent change Index  Percent change Index  Percent change Index  Percent change Median price ($000)  Percent change
2014 149.1 -0.5% 141.9 4.8% 212.4 2.8% 318.5 2.1% 208.3 5.7%
2015 147.1 -1.3 146.4 3.2 220.1 3.6 323.6 1.6 223.9 7.5
2016 143.5 -2.5 147.7 0.9 226.3 2.8 334.5 3.4 235.5 5.2
2017 138.3 -3.6 148.8 0.7 239.3 5.8 346.4 3.6 248.8 5.6
2018 138.4 0.1 150.7 1.3 253.7 6.0 361.2 4.3 261.6 5.1
2019 139.8 1.0 151.8 0.7 268.7 5.9 364.8 1.0 274.6 5.0
2020 144.2 3.2 151.1 -0.5 270.0 0.5 368.7 1.1 300.2 9.3
2021 182.6 26.6 150.7 -0.3 N/A NA 374.4 1.5 357.1 19.0
2022 205.9 12.7 150.5 -0.1 N/A NA 399.4 6.7 392.8 10.0
2023 191.2 -7.1 153.3 1.8 352.6 NA 432.9 8.4 394.6 0.5
Percent change,
2014-2023		   28.3%   8.0%   66.0%   35.9%   89.4%

(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.
(6) December 1986=100.

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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Premiums for homeowners and renters insurance

Average Premiums for Homeowners and Renters Insurance, 2012-2021 (1)

 

Year Homeowners (2) Percent change Renters (3)  Percent change
2012 1,034 5.6% 187 (4)
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
2020 1,311 3.1 173 -0.6
2021 1,411 7.6 170 -1.7

(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) Based on the HO-4 renters insurance policy for tenants. Includes broad named-peril coverage for the personal property of tenants.
(4) Less than 0.1 percent.

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

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Average Premiums for Homeowners and Renters Insurance by State, 2021 (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 1,610 12 222 3 Montana 1,471 15 154 31
Alaska 1,067 35 184 8 Nebraska 1,684 9 141 46
Arizona 917 46 160 25 Nevada 863 48 175 14
Arkansas 1,611 11 206 5 New Hampshire 1,090 34 145 42
California (5) 1,403 20 177 13 New Jersey 1,309 23 151 34
Colorado 1,802 6 159 27 New Mexico 1,229 30 175 14
Connecticut 1,651 10 171 18 New York 1,455 17 164 22
Delaware 988 44 144 44 North Carolina 1,192 33 164 22
D.C. 1,272 25 150 36 North Dakota 1,256 27 114 51
Florida 2,437 1 175 14 Ohio 920 45 160 25
Georgia 1,466 16 205 6 Oklahoma 2,155 3 221 4
Hawaii 1,299 24 172 17 Oregon 793 50 150 36
Idaho 884 47 146 40 Pennsylvania 1,014 40 147 39
Illinois 1,223 31 154 31 Rhode Island 1,900 5 178 12
Indiana 1,058 36 162 24 South Carolina 1,432 18 184 8
Iowa 1,043 37 135 47 South Dakota 1,270 26 117 50
Kansas 1,491 14 159 27 Tennessee 1,368 21 183 10
Kentucky 1,232 29 156 30 Texas (6) 2,146 4 204 7
Louisiana 2,259 2 243 2 Utah 831 49 145 42
Maine 996 42 146 40 Vermont 1,025 38 150 36
Maryland 1,238 28 152 33 Virginia 1,199 32 151 34
Massachusetts 1,712 8 168 21 Washington 1,001 41 159 27
Michigan 993 43 179 11 West Virginia 1,016 39 170 20
Minnesota 1,607 13 132 48 Wisconsin 780 51 127 49
Mississippi 1,766 7 258 1 Wyoming 1,432 18 142 45
Missouri 1,340 22 171 18 United States $1,411   $170  

(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 premiums and does not endorse any conclusions drawn from this data.

Source: National Association of Insurance Commissioners (NAIC). 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, 2021 (1)

 

Rank (3) Most expensive states Average premium (2) Rank (3) Least expensive states Average premium (2)
1 Florida $2,437 1 Wisconsin $780
2 Louisiana 2,259 2 Oregon 793
3 Oklahoma 2,155 3 Utah 831
4 Texas (4) 2,146 4 Nevada 863
5 Rhode Island 1,900 5 Idaho 884
6 Colorado 1,802 6 Arizona 917
7 Mississippi 1,766 7 Ohio 920
8 Massachusetts 1,712 8 Delaware 988
9 Nebraska 1,684 9 Michigan 993
10 Connecticut 1,651 10 Maine 996

(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) 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 premiums and does not endorse any conclusions drawn from this data.

Source: 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, 2023

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 State Farm $27,037,940 17.8%
2 Allstate Corp. 13,551,256 8.9
3 Liberty Mutual 10,476,330 6.9
4 USAA Insurance Group 10,344,681 6.8
5 Farmers Insurance Group of Companies 8,981,110 5.9
6 Travelers Companies Inc. 7,569,914 5.0
7 American Family Insurance Group 7,010,000 4.6
8 Nationwide Mutual Group 4,077,262 2.7
9 Chubb Ltd. 3,888,844 2.6
10 Citizens Property Insurance Corp. 3,208,945 2.1

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

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

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Homeowners Insurance Industry Underwriting Expenses, 2022 (1)

 

Expense Percent of premiums
Losses and related expenses (2)  
Loss and loss adjustment expense (LAE) ratio 77.2%
    Incurred losses 68.1
    Defense and cost containment expenses incurred 1.8
    Adjusting and other expenses incurred 7.3
Operating expenses (3)  
Expense ratio 26.5%
    Net commissions and brokerage expenses incurred 12.1
    Taxes, licenses and fees 2.5
    Other acquisition and field supervision expenses incurred 7.1
    General expenses incurred 4.6
Dividends to policyholders (2) 0.4%
Combined ratio after dividends (4) 104.0%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($108.8 billion in 2022).
(3) As a percent of net premiums written ($114.9 billion in 2022).
(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 2021, 35.9 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 128,200 deaths from this type of injury in 2021, up 13 percent from 2020. The overall death rate rose to 38.6 deaths per 100,000 people in 2021, an increase from 28 deaths per 100,000 people in 1912.  Poisonings and falls are driving the boom, making up a combined 87 percent of unintentional injury deaths.

Unintentional Home Deaths And Injuries, 2021

 

Deaths 128,200
Medically consulted injuries 35,900,000
Death rate per 100,000 population 38.6

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 across the United States provide insurance to owners of property in high-risk areas who may have difficulty obtaining coverage from the standard insurance 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 2013-2022 (1)

 

  Number of policies    
Year Habitational Commercial Total Exposure (2)
($000)		 Direct premiums
written ($000)
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
2022 2,244,317  35,059 2,279,376 837,330,722   4,951,815 

(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 2022 (1)

 

  Number of policies    
State Habitational Commercial Total Exposure (2)
($000)		 Direct premiums
written ($000)
California 254,478 6,943 261,421 $209,808,071 $649,649
Connecticut  1,159 40 1,199 243,164 $1,731
Delaware 1,078 55 1,133 203,941 462
D.C. 107 10 117 43,954 132
Florida (3) 1,214,351 6,546 1,220,897 422,953,352 3,190,080
Georgia 9,217 326 9,543 1,424,777 12,433
Illinois 2,441 68 2,509 260,925 3,166
Indiana 660 39 699 1,918 1,718
Iowa 794 13 807 54,481 691
Kansas 12,138 166 12,304 794,447 7,132
Kentucky 4,989 221 5,210 229,641 2,681
Louisiana (3) 146,056 8,451 154,507 40,935,450 424,637
Maryland 689 41 730 280,471 583
Massachusetts 197,010 167 197,177 90,572,584 313,923
Michigan 15,270 234 15,504 2,246,608 10,351
Minnesota 3,764 55 3,819 311,237 3,007
Mississippi (4) 2,891 N/A 2,891 170,503 2,085
Missouri 1,954 87 2,041 166,419 1,757
New Jersey 7,593 199 7,792 1,133,706 5,239
New Mexico 7,409 253 7,662 790,570 4,497
New York 20,814 2,383 23,197 6,892,000 26,755
North Carolina 211,662 6,844 218,506 33,404,590 153,287
Ohio 10,930 248 11,178 3,502,565 11,096
Oregon 1,722 69 1,791 355,032 1,359
Pennsylvania 9,462 849 10,311 1,080,321 4,316
Rhode Island 12,859 90 12,949 4,090,489 23,330
Texas (4) 66,488 N/A 66,488 11,301,744 76,881
Virginia 22,118 422 22,540 3,509,847 15,818
Washington 116 82 198 70,150 442
West Virginia 276 44 320 25,984 224
Wisconsin 3,822 114 3,936 471,781 2,353
Total 2,244,317 35,059 2,279,376 $837,330,722 $4,951,815

(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 2022, 65.2 percent of housing units were owner occupied and 34.8 percent were renter occupied, according to the latest U.S. Census figures.

The nation's homeowners paid a median of $1,775 monthly housing costs in 2022, compared with $1,300 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, 48.2 percent compared with 27.8 percent of homeowners who spent 30 percent or more of their income on housing costs in 2022. However, renters usually paid a higher percentage of their household income on these costs than did owners, 48.2 percent compared with 27.8 percent of homeowners who spent 30 percent or more of their income on housing costs in 2022.

Percent Of Occupied Housing Units That Are Owner Occupied, 2022

 

State Percent Rank (1) State Percent Rank (1)
Alabama 70.2% 15 Montana 68.8% 19
Alaska 66.1 36 Nebraska 66.0 37
Arizona 67.4 26 Nevada 60.3 48
Arkansas 66.5 33 New Hampshire 72.3 7
California 55.8 49 New Jersey 64.6 41
Colorado 66.4 34 New Mexico 70.9 13
Connecticut 66.3 35 New York 54.1 50
Delaware 74.1 2 North Carolina 66.7 32
D.C. 41.0 51 North Dakota 65.1 40
Florida 67.2 29 Ohio 67.3 28
Georgia 65.9 38 Oklahoma 65.4 39
Hawaii 62.6 45 Oregon 62.8 44
Idaho 72.3 7 Pennsylvania 69.1 18
Illinois 67.1 31 Rhode Island 63.3 43
Indiana 70.8 14 South Carolina 72.0 10
Iowa 72.0 10 South Dakota 69.6 17
Kansas 67.7 22 Tennessee 67.2 29
Kentucky 68.8 19 Texas 62.5 46
Louisiana 67.6 24 Utah 71.2 12
Maine 74.1 2 Vermont 73.7 4
Maryland 67.7 22 Virginia 67.4 26
Massachusetts 62.2 47 Washington 64.2 42
Michigan 73.2 5 West Virginia 74.5 1
Minnesota 72.1 9 Wisconsin 68.1 21
Mississippi 69.9 16 Wyoming 72.7 6
Missouri 67.6 24 United States 65.2%  

(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 2022 West Virginia, Maine, Delaware, and Vermont 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, and Nevada.

 

Percent Of Mortgaged Owners Occupied Units Spending 30 Percent Or More Of Their Income On Monthly Owner Costs, 2022

 

State Percent  Rank (1) State Percent  Rank (1)
Alabama 22.8% 40 Montana 28.8% 17
Alaska 29.0 15 Nebraska 22.3 44
Arizona 26.1 27 Nevada 30.8 7
Arkansas 22.5 43 New Hampshire 28.6 18
California 37.6 2 New Jersey 31.5 6
Colorado 29.3 12 New Mexico 29.2 14
Connecticut 29.6 10 New York 33.1 4
Delaware 24.1 33 North Carolina 23.6 37
D.C. 26.5 24 North Dakota 22.3 44
Florida 33.9 3 Ohio 20.6 48
Georgia 24.9 30 Oklahoma 24.6 32
Hawaii 41.3 1 Oregon 31.8 5
Idaho 27.4 21 Pennsylvania 24.1 33
Illinois 26.8 22 Rhode Island 28.4 19
Indiana 20.2 49 South Carolina 25.1 28
Iowa 20.2 49 South Dakota 22.0 46
Kansas 22.6 42 Tennessee 25.0 29
Kentucky 22.8 40 Texas 28.9 16
Louisiana 28.2 20 Utah 23.8 36
Maine 29.4 11 Vermont 29.8 9
Maryland 26.2 25 Virginia 24.8 31
Massachusetts 30.2 8 Washington 29.3 12
Michigan 23.9 35 West Virginia 18.6 51
Minnesota 23.6 37 Wisconsin 23.4 39
Mississippi 26.6 23 Wyoming 26.2 25
Missouri 21.6 47 United States 27.8%  

(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 2022, Hawaii, California, New Jersey and Florida, and New York 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, 2022

 

State Percent (1) Rank (2) State Percent (1) Rank (2)
Alabama 42.7% 40 Montana 40.3% 47
Alaska 39.3 48 Nebraska 43.3 35
Arizona 49.4 11 Nevada 54.3 2
Arkansas 40.4 46 New Hampshire 46.3 22
California 53.1 3 New Jersey 49.7 8
Colorado 50.9 5 New Mexico 47.6 16
Connecticut 49.5 10 New York 49.4 11
Delaware 44.8 28 North Carolina 44 32
D.C. 45.3 25 North Dakota 38 50
Florida 56.3 1 Ohio 43.2 36
Georgia 47.6 16 Oklahoma 42.9 37
Hawaii 52.9 4 Oregon 49.9 7
Idaho 43.5 33 Pennsylvania 44.7 30
Illinois 45.9 24 Rhode Island 44.8 28
Indiana 44.9 27 South Carolina 46.5 21
Iowa 41.7 45 South Dakota 35.8 51
Kansas 43.5 33 Tennessee 44.1 31
Kentucky 42.5 41 Texas 49.6 9
Louisiana 48.5 15 Utah 45 26
Maine 42.8 38 Vermont 47 19
Maryland 48.8 13 Virginia 46.3 22
Massachusetts 50.5 6 Washington 48.6 14
Michigan 46.6 20 West Virginia 41.8 44
Minnesota 47.2 18 Wisconsin 42.8 38
Mississippi 42.4 42 Wyoming 38.6 49
Missouri 42.2 43 United States 48.2%  

(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, 48.2 percent of renters spent at least 30 percent of their household income on rent and utilities in 2022.
  • In 2022 North Dakota, South Dakota, Wyoming and Alaska 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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