Homeownership Trends Among American Workers: A Study by the National Association of Realtors

A recent study conducted by the National Association of Realtors (NAR) reveals significant trends in homeownership rates among various occupations in the United States. The analysis, which examined 368 metropolitan areas, indicates that while higher salaries contribute to homeownership, factors such as job stability and regional housing affordability play crucial roles. Notably, the occupations most likely to own homes have shifted over the past decade, reflecting changes in the housing market and economic conditions.

Newsweek

According to the NAR study, management and business professionals maintain the highest homeownership rate at approximately 72% in 2024, consistent with figures from 2014. Education and social service workers follow closely, with a homeownership rate of 67.3%, nearly unchanged from a decade ago. Conversely, workers in STEM fields experienced a decline in homeownership, dropping from 69.2% in 2014 to 67.2% in 2024. This decline is attributed to the concentration of tech jobs in high-cost markets, such as California's Bay Area, where housing prices have escalated faster than incomes.

Newsweek

Other occupations have seen increases in homeownership rates. Health care workers reported a rise to 62.2%, up from 61.8%, while sales and real estate professionals increased to 63.3% from 60.8%. Skilled trade and construction workers also improved their rates to 62% from 61.2%. The most notable growth was among service workers, whose homeownership rate climbed from 42.7% in 2014 to 45.5% in 2024, although this remains the lowest among all groups analyzed.

Newsweek

The study highlights that regional affordability significantly impacts homeownership rates. NAR senior economist Nadia Evangelou emphasized that income alone does not determine homeownership; the cost of living in relation to local incomes is a critical factor. For instance, in more affordable markets, even lower-paying jobs can lead to higher homeownership rates.

Newsweek

Several midsized metropolitan areas exhibit high homeownership rates for specific occupations. For management and business professionals, Myrtle Beach, South Carolina, York-Hanover, Pennsylvania, and Duluth, Minnesota, report rates nearing 90%. Teachers and social service professionals find favorable conditions in Daphne-Fairhope-Foley, Alabama, Brownsville-Harlingen, Texas, and Fort Smith, Arkansas. STEM workers benefit from growing tech sectors in Ocala, Florida, Montgomery, Alabama, and Savannah, Georgia, where housing remains affordable.

Newsweek

While the NAR study provides valuable insights, some critics argue that the focus on occupation may overlook broader systemic issues affecting homeownership, such as income inequality and housing policy. They contend that without addressing these underlying factors, the disparities in homeownership rates will persist.

Newsweek

• “You can be an engineer earning a strong salary, but if you’re in a high-cost market, that income may not be enough.” — Nadia Evangelou, NAR Senior Economist

Newsweek

• “where that job is located and how prices compare to local incomes ends up being the defining factor,” — Nadia Evangelou, NAR Senior Economist

Newsweek

This study underscores the complex interplay between occupation, income, and regional housing markets in shaping homeownership trends across the United States.

Newsweek