As a U.S. housing market indicator, the national homeownership rate (which reflects every county's average) is also useful. Listed here are the percentages of American households that own the space where they live and reside.
Understandably, a high homeownership rate would suggest affordable housing and loan terms in line with local income levels. A decline in homeownership rates can also mean that the housing market faces challenges and that you may want to wait for a better time to buy a home.
They can serve as warning indicators to real estate investors and prospective home buyers that the cost of living is rising, local incomes are declining, and that the financial situation of home buyers is deteriorating. You should raise your radar antennae if you notice mortgage delinquencies or foreclosures occurring in an area.