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
Jan 08, 2026
NAHB Supports Trump Administration’s Lawsuit Against Local California Gas BansIn a move strongly supported by NAHB, the Trump administration on Jan. 5 sued two California cities over their ordinances banning natural gas infrastructure and appliances in new construction.
Jan 08, 2026
There is Always Something Happening on the IBS Show FloorThe NAHB International Builders’ Show (IBS) is the largest light construction conference in the world with more than 1,700 exhibitors spread out over the entirety of the convention center in Orlando.
Latest Economic News
Jan 07, 2026
State-Level Employment Situation: November 2025In November 2025, employment levels were largely unchanged across all states, with year-over-year growth holding near 2%. In contrast, construction employment showed greater variation, with some states experiencing declines of up to 7.5% while others posted gains approaching 10%.
Jan 07, 2026
Construction Job Openings Increased in NovemberThe count of open, unfilled positions in the construction industry increased in November, per the delayed Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from two years ago due to declines in construction activity, particularly in housing.
Jan 06, 2026
Mortgage Rates End 2025 at the Lowest Level of the YearLong-term mortgage rates have been declining since mid- 2025 and ended the year at their lowest level since September 2024. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.19% in December, 5 basis points (bps) lower than November. Meanwhile, the 15-year rate declined 3 bps to 5.48%.