Homeownership Rate for Maine
MEHOWN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
73.80
Year-over-Year Change
-0.40%
Date Range
1/1/1984 - 1/1/2024
Summary
The Homeownership Rate for Maine measures the percentage of Maine households that own their primary residence. This key indicator provides insights into housing market dynamics and Maine's economic health.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Homeownership Rate for Maine tracks the proportion of occupied housing units in the state that are owner-occupied rather than renter-occupied. It is a widely used metric for analyzing trends in home ownership and assessing the overall state of the local housing market.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
Policymakers and housing market analysts closely monitor the Maine homeownership rate to inform housing and economic development strategies.
Key Facts
- Maine's homeownership rate was 72.5% in 2021.
- The rate has declined from a high of 75.4% in 2006.
- Homeownership is lower in urban areas compared to rural regions of Maine.
FAQs
Q: What does this economic trend measure?
A: The Homeownership Rate for Maine measures the percentage of occupied housing units in the state that are owner-occupied rather than renter-occupied.
Q: Why is this trend relevant for users or analysts?
A: The homeownership rate is a key indicator of housing market conditions and the overall economic health of a region. It provides insights into home ownership patterns, housing affordability, and consumer behavior.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and housing market analysts closely monitor the Maine homeownership rate to inform housing and economic development strategies, including policies related to home ownership, real estate, and community planning.
Q: Are there update delays or limitations?
A: The homeownership rate data is updated annually with a delay of approximately one year, so the most recent data point may not reflect the current state of the housing market.
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Citation
U.S. Federal Reserve, Homeownership Rate for Maine (MEHOWN), retrieved from FRED.