Michigan City-La Porte, IN Residents Among Most Likely to Own Home | State
The U.S. real estate market took off in the early months of the COVID-19 pandemic. The homeownership rate – or share of owner-occupied housing – jumped 2.6 percentage points between the first and second quarters of 2020, by far the biggest increase on record. At 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 has been fueled by several factors, including historically low mortgage rates and, as some experts speculate, the pandemic, which has led many Americans to reassess where and how they live. Here’s a look at the mortgage rate in America every year since 1972.
Nationally, the homeownership rate stands at 64.4%, according to the latest data from the US Census Bureau’s American Community Survey. However, this rate varies widely across the country, and in some major metropolitan areas, the homeownership rate is well above the national average.
In the Michigan City-La Porte metro area of Indiana, the homeownership rate is 73.3%, well above the national average.
Home ownership can be expensive, but in areas where home values are below average, home ownership may be more affordable for a larger portion of the population. In the Michigan City-La Porte metro area, the typical home is worth $139,900, lower than the national median of $229,800.
All data used in this story are five-year estimates from the US Census Bureau’s 2020 American Community Survey.
|Rank||subway station||Home ownership rate (%)||Median home value ($)||Median household income ($)|
|1||The Villages, Florida||88.6||267 100||59,618|
|2||Homosassa Springs, Florida||83.5||144 100||45,689|
|3||Punta Gorda, Florida||81.6||209,500||52,724|
|5||Sebastian-Vero Beach, Florida||80.0||220,700||57,945|
|6||Town of Barnstable, MA||79.6||414,000||76,863|
|seven||Ocean City, New Jersey||78.0||306,200||72,385|
|ten||East Stroudsburg, Pennsylvania||77.1||173,800||68,734|
|12||Sebring-Avon Park, Florida||77.0||120,500||43,708|
|14||Port St. Lucie, Florida||76.6||227,800||58,039|
|16||Bay City, Michigan||76.1||106,400||48,290|
|17||Myrtle Beach-Conway-North Myrtle Beach, SC-NC||76.0||195,700||53,832|
|18||Beckley, West Virginia||75.7||104 100||43,444|
|19||Palm Bay-Melbourne-Titusville, FL||75.6||220,000||59,359|
|20||Cedar Rapids, Iowa||75.3||159,800||66,620|
|21||North Port-Sarasota-Bradenton, Florida||75.1||261 100||62,438|
|26||Hilton Head Island-Bluffton, SC||74.6||295,000||67,723|
|27||Greeley, CO||74.5||326 100||74,332|
|29||Naples-Marco Island, Florida||74.4||366,600||70 217|
|35||Appleton, Wis.||73.4||180 300||70,261|
|37||Hickory-Lenoir-Morganton, North Carolina||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|
|42||Cape Coral-Fort Myers, Florida||72.7||235,300||59,608|
|43||Lewiston, ID-WA||72.7||207 200||55,657|
|45||Prescott Valley-Prescott, AZ||72.6||273,300||53,329|
|46||Charleston, West Virginia||72.5||110 100||46,099|
|49||Deltona-Daytona Beach-Ormond Beach, Florida||72.1||203,000||53,339|
|50||Portland – South Portland, ME||72.1||273 100||72,552|