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HomeMinnesota Breaking NewsRochester, MN Residents Are Among the Most Likely to Own Their Home

Rochester, MN Residents Are Among the Most Likely to Own Their Home

imageForEntry32 R2f 1The American housing market took off during the early months of the COVID-19 pandemic. The homeownership rate – or the share of housing units occupied by their owner – jumped by 2.6 percentage points from the first quarter to the second quarter of 2020, by far the largest increase ever recorded. By the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier.

The surge in home sales was fueled by several factors, including historically low mortgage rates, and, as some experts speculate, the pandemic, which led many Americans to re-evaluate where and how they live. Here is a look at the mortgage rate in America every year since 1972.

Nationwide, the homeownership rate stands at 64.4%, according to the latest American Community Survey data from the U.S. Census Bureau. This rate varies substantially across the country, however, and in some major metropolitan areas, the homeownership rate is well above the national average.

In the Rochester metro area, located in Minnesota, the homeownership rate stands at 75.0%, well above the national average.

Homeownership can be expensive, but in areas with lower-than-average home values, homeownership may be more affordable for larger shares of the population. In the Rochester metro area, the typical home is worth $218,500, less than the national median of $229,800.

All data used in this story are five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

Rank Metro area Homeownership rate (%) Median home value ($) Median household income ($)
1 The Villages, FL 88.6 267,100 59,618
2 Homosassa Springs, FL 83.5 144,100 45,689
3 Punta Gorda, FL 81.6 209,500 52,724
4 Monroe, MI 80.6 167,400 65,453
5 Sebastian-Vero Beach, FL 80.0 220,700 57,945
6 Barnstable Town, MA 79.6 414,000 76,863
7 Ocean City, NJ 78.0 306,200 72,385
8 Gettysburg, PA 77.8 212,300 68,411
9 Midland, MI 77.3 145,900 64,078
10 East Stroudsburg, PA 77.1 173,800 68,734
11 Daphne-Fairhope-Foley, AL 77.0 211,600 61,756
12 Sebring-Avon Park, FL 77.0 120,500 43,708
13 Ogden-Clearfield, UT 76.6 284,500 78,680
14 Port St. Lucie, FL 76.6 227,800 58,039
15 Muskegon, MI 76.2 126,400 53,478
16 Bay City, MI 76.1 106,400 48,290
17 Myrtle Beach-Conway-North Myrtle Beach, SC-NC 76.0 195,700 53,832
18 Beckley, WV 75.7 104,100 43,444
19 Palm Bay-Melbourne-Titusville, FL 75.6 220,000 59,359
20 Cedar Rapids, IA 75.3 159,800 66,620
21 North Port-Sarasota-Bradenton, FL 75.1 261,100 62,438
22 Rochester, MN 75.0 218,500 76,787
23 Ocala, FL 74.8 151,700 46,587
24 York-Hanover, PA 74.8 183,300 68,940
25 Johnstown, PA 74.7 94,900 47,644
26 Hilton Head Island-Bluffton, SC 74.6 295,000 67,723
27 Greeley, CO 74.5 326,100 74,332
28 Wheeling, WV-OH 74.5 115,200 49,928
29 Naples-Marco Island, FL 74.4 366,600 70,217
30 Jackson, MI 74.3 138,900 54,511
31 Salisbury, MD-DE 74.3 243,900 62,799
32 Houma-Thibodaux, LA 73.9 157,000 53,267
33 Decatur, AL 73.5 137,600 51,842
34 Kingsport-Bristol, TN-VA 73.5 140,800 46,685
35 Appleton, WI 73.4 180,300 70,261
36 Dubuque, IA 73.4 175,300 64,493
37 Hickory-Lenoir-Morganton, NC 73.4 139,100 49,706
38 Grand Rapids-Kentwood, MI 73.4 186,500 66,297
39 Michigan City-La Porte, IN 73.3 139,900 57,010
40 Gadsden, AL 73.0 124,400 44,934
41 Parkersburg-Vienna, WV 72.8 123,800 48,369
42 Cape Coral-Fort Myers, FL 72.7 235,300 59,608
43 Lewiston, ID-WA 72.7 207,200 55,657
44 Cheyenne, WY 72.6 239,900 69,369
45 Prescott Valley-Prescott, AZ 72.6 273,300 53,329
46 Charleston, WV 72.5 110,100 46,099
47 Duluth, MN-WI 72.3 162,700 58,729
48 Wausau-Weston, WI 72.3 158,200 62,237
49 Deltona-Daytona Beach-Ormond Beach, FL 72.1 203,000 53,339
50 Portland-South Portland, ME 72.1 273,100 72,552
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