Countries With The Highest Home Ownership Rates

Written by  www.worldatlas.com Published in Did You Know? Thursday, 01 June 2017 18:52
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1a

Bucharest, the capital city of Romania.

 

Home ownership or owner-occupancy is a type of housing tenure where an individual owns the home in which they live. The home can be an apartment, a house, condominium, or a housing cooperative. Besides the provision of housing, the owner-occupancy also doubles as a real estate investment. Some of the homes are built by the owners with the aim of occupying, while some are inherited, but the majority are bought from real estate developers as new homes or from previous owners.

Buying a house is often an expensive undertakings as the cost could be several times the owner's annual income. As a result of the high cost of acquiring a home and given that most people do not have enough savings to buy a home, there are packages like mortgage loans from financial institutions that can bridge the gap in return for interest. When a homeowner fails to meet the agreed repayment schedule which can run for several years, a foreclosure is the only way out through repossession.

Although Romania does not rank as a high-income economy within the European Union, it registers the highest home ownership rates in EU and has the most crowded dwellings. Romania has 96.4% of the population owning homes and comes above Singapore (90.8%), Slovakia (90.3%), Cuba (90.0%), Croatia (89.7%), Lithuania (89.4%), India (86.6%), and Hungary (86.3%). Other countries where the homeownership rate stands above 81% includes Hungary, Poland, Russia, Norway, Bulgaria, and Estonia. Countries that had between 75% and 81% of their population owning homes includes countries like Latvia, Malta, Mexico, Thailand, Spain, Czech Republic, Iceland, Slovenia, and Trinidad and Tobago. The lowest rates among the countries mentioned in the list were observed in countries like Canada (67.6%), Netherlands (67.8%), Ireland (68.6%), China (70%), Sweden (70.6%), and Belgium (71.4%). Other countries are having their population of between 72% and 75% owning homes included countries such as Luxembourg, Finland, Italy, Cyprus, Greece, Brazil, and Portugal.

Below are the countries with the highest home ownership rates in the world;

Rank

Country

Home Ownership Percentage

1 Romania 96.4
2 Singapore 90.8
3 Slovakia 90.3
4 Cuba 90
5 Croatia 89.7
6 Lithuania 89.4
7 India 86.6
8 Hungary 86.3
9 Russia 84
10 Poland 83.5
11 Norway 82.8
12 Bulgaria 82.3
13 Estonia 81.5
14 Latvia 80.2
15 Malta 80
16 Mexico 80
17 Thailand 80
18 Spain 78.2
19 Czech Republic 78
20 Iceland 77.8
21 Slovenia 76.2
22 Trinidad and Tobago 76
23 Portugal 74.9
24 Brazil 74.4
25 Greece 74
26 Cyprus 73.1
27 Italy 72.9
28 Finland 72.7
29 Luxembourg 72.5
30 Belgium 71.4
31 Sweden 70.6
32 China 70
33 Ireland 68.6
34 Netherlands 67.8
35 Canada 67.6
Read 352 times Last modified on Thursday, 01 June 2017 19:03
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