Clicking on a legend item will show/hide corresponding data series.
5.1.13 Homeownership Rates by Household Income Level
Why is this important?
The affect of income on rates of home ownership is an indicator of housing affordability and security within Walla Walla County. For most U.S. families, the home is the greatest asset in their portfolio. A recent study commissioned by the Consumer Federation of America and Fannie Mae concluded that homeownership is the main path to wealth and housing security for lower-income and minority Americans.
It is important for community leaders to be aware of how income distribution affects local families and the community in general. A community with high homeownership rates usually exhibits different socioeconomic indicators than a community with low homeownership rates. As the 2008-2009 financial crisis underlined, however, there are probably limits to the share of households owning their own homes. Increasing homeownership in the face of rising affordability challenges may lead to an increasing rate of foreclosures instead of asset-building.
This indicator measures home ownership rates in Walla Walla County vary by two different income brackets: those households with incomes above $35,000 and those below that threshold. Washington State and the U.S. are offered as benchmarks.
Where are we?
During 2023, the estimated homeownership rates for households with annual incomes of less than $35,000 in:
- Walla Walla County was 40.7%, increasing from 38% since 2010.
- Washington State was 40.9%, increasing slightly from 40.6% since 2010.
- The U.S. was 43.9%, decreasing from 46.7% since 2010.
During 2023, the estimated homeownership rates for households with annual incomes of $35,000 and over in:
- Walla Walla County was 73.9%, decreasing from 76.6% since 2010.
- Washington State was 68.5%, decreasing from 74.9% since 2010.
- The U.S. was 70.9%, decreasing from 77% since 2010.
Data Sources
U.S. Census Bureau: American Community Survey (ACS)
Notes:
1) This information comes from a survey, so the data presented are estimates. All significant tests are done at the 90% confidence interval. The margin of errors is provided in the “Download Data” section.
2) Learn more about the ACS:
3) Homeownership Rate is found by dividing the count of home owners within the desired income bracket by the total count within the income bracket (both renters and owners.)