Palm Bay Named Top City for Homeowners in Florida, Fourth Best in America

By Space Coast Daily // April 17, 2019

All cities in consideration had a population exceeding 100,000

BREVARD COUNTY • PALM BAY, FLORIDA – Palm Bay was named the top city for homeowners in Florida, and fourth best in America, by insurify.com.

The team of data scientists at Insurify, a homeowners insurance quotes site, analyzed data from City-Data.com to identify and explore the top cities in each state with the highest percentage of residents living in homes that they own.

All cities in consideration had a population exceeding 100,000 for an analysis that focused on cities that are mid-size or larger.

The team also gathered data on average household income for both city and state, as well as the share of married individuals who are 15 and older.

National rate of homeownership. The national rate of homeownership is 64.8 percent. That said, these homeowners are far from evenly distributed. In fact, there are only 16 states nationwide that are home to even a single mid-to-large-sized city with a home-owning population that exceeds this nationwide average. In the remaining 34, renting remains the more common option by far within these metro areas.
Price of admission. It’s common knowledge that affording a home comes at no small price. Therefore, it is unsurprising that the median household income of these high-ownership cities almost always outstrips that of the statewide average. There are two exceptions to this trend in this top 20 ranking: the cities with the highest share of homeowners in the states of Florida and Indiana had average household incomes that fell below their respective state’s median.
Honeymoons and housewarmings. While young couples are increasingly opting to live together before marriage, the jump to homeownership is one that is still primarily made by spouses. While 49.7 percent of Americans 15 and older are currently married, the share of married citizens in most of the cities on this list is comfortably higher than the national rate. That being said, the cities with the highest proportion of homeowners in South Dakota, Indiana, Idaho, Iowa, and Florida eschew this pattern, with married populations that are relatively smaller than the U.S. standard.

20. Sioux Falls, South Dakota

Proportion of homeowners: 61.8%
Average household income: $56,867
Statewide average household income: $54,467
Percentage of married adults: 48.4%

19. Fort Wayne, Indiana

Proportion of homeowners: 61.9%
Average household income: $45,232
Statewide average household income: $52,314
Percentage of married adults: 44.4%

18. Boise, Idaho

Proportion of homeowners: 62.0%
Average household income: $55,199
Statewide average household income: $51,807
Percentage of married adults: 49.0%

17. Henderson, Nevada

Proportion of homeowners: 62.3%
Average household income: $68,191
Statewide average household income: $55,180
Percentage of married adults: 50.2%

16. Ko’olaupoko, Hawaii

Proportion of homeowners: 64.8%
Average household income: $102,652
Statewide average household income: $74,511
Percentage of married adults: 57.3%

15. Cary, North Carolina

Proportion of homeowners: 66.8%
Average household income: $100,167
Statewide average household income: $50,584
Percentage of married adults: 64.1%

14. Staten Island, New York

Proportion of homeowners: 67.4%
Average household income: $77,197
Statewide average household income: $62,909
Percentage of married adults: 57.2%

13. Cedar Rapids, Iowa

Proportion of homeowners: 67.7%
Average household income: $57,135
Statewide average household income: $56,247
Percentage of married adults: 48.7%

12. Chesapeake, Virginia

Proportion of homeowners: 70.1%
Average household income: $72,928
Statewide average household income: $68,114
Percentage of married adults: 50.5%

11. Rochester, Minnesota

Proportion of homeowners: 70.3%
Average household income: $67,712
Statewide average household income: $65,599
Percentage of married adults: 50.4%

10. Sterling Heights, Michigan

Proportion of homeowners: 72.1%
Average household income: $173,400
Statewide average household income: $147,100
Percentage of married adults: 52.8%

9. Olathe, Kansas

Proportion of homeowners: 72.6%
Average household income: $82,242
Statewide average household income: $54,935
Percentage of married adults: 57.4%

8. Simi Valley, California

Proportion of homeowners: 72.7%
Average household income: $94,363
Statewide average household income: $67,739
Percentage of married adults: 50.4%

7. Gilbert, Arizona

Proportion of homeowners: 73.9%
Average household income: $91,576
Statewide average household income: $53,558
Percentage of married adults: 58.1%

6. Naperville, Illinois

Proportion of homeowners: 74.2%
Average household income: $116,482
Statewide average household income: $60,960
Percentage of married adults: 61.7%

5. West Jordan, Utah

Proportion of homeowners: 74.6%
Average household income: $71,517
Statewide average household income: $65,977
Percentage of married adults: 54.7%

4. Palm Bay, Florida

Proportion of homeowners: 75.4%
Average household income: $45,712
Statewide average household income: $50,860
Percentage of married adults: 46.7%

3. Pearland, Texas

Proportion of homeowners: 76.2%
Average household income: $91,010
Statewide average household income: $56,565
Percentage of married adults: 61.1%

2. Broken Arrow, Oklahoma

Proportion of homeowners: 76.2%
Average household income: $70,221
Statewide average household income: $49,176
Percentage of married adults: 59.0%

1. Centennial, Colorado

Proportion of homeowners: 80.3%
Average household income: $70,950
Statewide average household income: $65,685
Percentage of married adults: 61.5%

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