‘Owner occupied housing’
Owner occupied housing is where the person who owns a property – either outright or through a mortgage – also resides in the property. Excluded are therefore rental properties, employer-provided housing and social housing. In comparison, the number of renter occupied housing units amounted to almost 44 million in 2021.
‘Owning vs renting’
In general it is cheaper to rent in the U.S., with more renters than owners having monthly housing expenses of less than 1,500 U.S. dollars in 2017. However this situation is gradually changing, with the ratio of house prices. However, the house prices have been rising faster than the cost of rent, meaning that it is increasingly more affordable to own a house than to rent.