Owning a home is a big part of the American dream for many people. But buying a house is becoming harder, and more than three-quarters of Americans now feel that renting is cheaper, according to a Freddie Mac survey. The homeownership rate nationwide has declined consistently since peaking at 69.1% in 2005 and is now 64.2%.
There are still, however, a number of places where a large share of the population is still willing and able to buy a house. In 20 U.S. cities, over 80% of occupied homes are owned by their residents. These cities, often in the Midwest, tend to have relatively high median household incomes, especially for their state. These places are often within commuting distance of major cities like Chicago or Dallas that tend to have an abundance of high-paying jobs.
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24/7 Wall St. reviewed data from the U.S. Census Bureau’s American Community Survey on the percentage of occupied housing units that are occupied by their owners to determine the cities where most occupied homes are owned by an occupant.