We’ve posted the annual First American Homeownership Progress Index (HPRI), which measures the level of homeownership and the underlying demographic and economic factors that influence the probability of homeownership over time and geography based on IPUMS Census Data. The HPRI declined 1.8 percent year-over-year, and is down 7.6 percent from the peak in 2005. The index is currently just 0.4 percent above the 25-year low point that was set in 1995.

“It is no accident that the states and markets with growing educational attainment rates are also often the same places with significant improvements in homeownership levels.”

One of the most important factors improving the long-run outlook for homeownership is increasing educational attainment.

“Since 1991, the share of households in which at least one member has a bachelor’s degree has increased 24 percent, and is expected to increase further as Millennials continue to graduate from college and enter the workforce with improved prospects for higher-paying jobs, said Mark Fleming, chief economist at First American. “It is no accident that the states and markets with growing educational attainment rates are also often the same places with significant improvements in homeownership levels. Education is, as never before, a key to accessing the dream of eventually owning a home.”

For this in-depth analysis, state and market level homeownership and demographic data, and more, please visit the Homeownership Progress Index.