The percentage of all occupied housing units (not vacant) that are owner-occupied (not rented).
Homeownership is an important factor for neighborhood stability and civic participation. A home is a vital financial asset for a family and an investment in both the local neighborhood and surrounding community.
In 2015-19, the homeownership rate in Essex County was 64%, level since 2000 and on par with the national rate and lower than the state rate. Although the rate in Essex County has remained steady overall, homeownership rates varied greatly among local communities. Some of the lowest rates were in the cities of Lawrence (31%), Lynn (45%) and Salem (52%). The highest rates were in the towns of Boxford (98%), West Newbury (92%) and Topsfield and Wenham (both 90%).
Essex County's homeownership rate in 2015-19 was similar with Middlesex, MA and Westchester, NY, but lower than Lake, IL, at 73%. Similar to Essex, rates in Middlesex and Westchester changed little since 2000, while Lake, IL dropped 5 percentage points.
Multiyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. The survey provides data on characteristics of the population that used to be collected only during the decennial census. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas.
CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). Data for this indicator are released annually in December.