New measure: only about half of U.S. adults own homes

The Federal Reserve Bank of Minneapolis introduces the homeowners-to-population ratio (HPOP), counting adults 18+ who own their home rather than homes that are owner-occupied. This yields a national rate of about 53%—well below the traditional 65%—with even steeper gaps for those under 35 (22% vs 37%). The change stems from counting individuals instead of houses and from multi-generational living in which adult children or others reside in owner-occupied homes. State rates drop to roughly California 41%, Hawaii 42–43%, and New York around 43%. The findings suggest the U.S. housing affordability crisis is broader than the standard measure indicates and could influence future housing policy and programs.