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2022 - NAR - Middle Class
Trends and policy

Housing wealth gains for the middle class

Source: National Association of Realtors
Report date: March 2022

In its 2022 report, NAR looked at the distribution of housing wealth between 2010 and 2020. NAR identified rising middle-class housing markets as those with the largest increase in the number of middle-class owner-occupied housing.


  • From 2010 to 2020, the top three rising middle-income housing markets were the metropolitan areas of Phoenix, Austin and Nashville.

  • The top three metropolitan areas that lost middle-income households were New York City, Los Angeles and Chicago.

  • As of 2021, a typical single-family existing home purchased 10 years earlier at the median price of $162,600 was likely to have accumulated $229,400 in housing wealth.

  • Of the $8.2 trillion in housing wealth accumulated from 2010 through 2020, $5.8 trillion (71%) went to high-income homeowners, while $2.1 trillion (26%) went to middle-income homeowners. Just 4% went to low-income homeowners, who were the only group to lose homeowner households. 

  • Since the Great Recession, the homeownership rate has declined across all income groups, with the largest decline in the middle-income rate, from 78.1% to 69.7%. 

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