Ownership Rates

Washington State is experiencing a significant and encouraging shift: homeownership is on the rise. As of 2023, approximately 66.3 percent of Washington households own their homes. That figure edges slightly above the national average, signaling renewed strength and long-term stability in the housing market. For many residents, this trend means more than property ownership—it represents economic confidence, community roots, and the foundation of generational wealth.

At LBC Capital, we understand the importance of these numbers. As mortgage brokers who work closely with Washington homebuyers, we see firsthand how homeownership transforms lives. The upward trend is more than a statistic; it’s a sign of a more secure and prosperous future for our clients and communities.

A Rebound from Post-Recession Lows

Following the 2008 housing crash, Washington—like many states—faced a steep drop in homeownership. By 2016, ownership rates had dipped to around 63.4 percent. But over the past several years, the state has steadily climbed out of that slump. Driven by strong job markets, particularly in tech-driven regions like Seattle, and improved access to lending, the homeownership rate has seen a healthy recovery.

This isn’t just a metropolitan trend. In smaller markets such as Mount Vernon and Longview, homeownership rates have surpassed 70 percent, exceeding the state average. Rural counties are also experiencing moderate growth, fueled by increased remote work options and more affordable housing.

At LBC Capital, we’ve helped clients take advantage of these opportunities by offering personalized loan solutions that match their budgets and long-term goals.

Washington’s Market: Resilient and Stable

Washington consistently ranks among the most stable housing markets in the country. In a recent CNBC analysis, Washington was named the second-most stable housing market in the U.S., just behind Utah. This recognition stems from several key indicators: low foreclosure rates, minimal instances of underwater mortgages, and steady appreciation of home values.

Unlike volatile regions where prices swing widely, Washington’s housing market demonstrates resilience. Homes retain their value. Buyers face less risk. And lenders, including those who partner with LBC Capital, operate with confidence knowing that property values are reliable and long-term investments are secure.

This level of stability benefits everyone involved—from first-time buyers to investors and policymakers. It also reflects the success of state and local efforts to manage housing supply, regulate growth, and support equitable development.

Homeownership Disparities Still Persist

While the rise in overall homeownership is promising, it’s important to acknowledge the disparities that remain. Not all communities have shared equally in Washington’s housing gains. Black, Hispanic, and Indigenous households continue to face barriers that make buying a home more difficult.

In 2023, the homeownership rate for white households in Washington reached nearly 69 percent. In contrast, the rate for Black households was just 34 percent, and for Hispanic households, 47 percent. These gaps are not accidental—they reflect decades of systemic inequality, discriminatory lending practices, and redlining policies that excluded minority families from housing opportunities.

Although minority homeownership has increased slightly—Black homeownership up 4.6 percentage points and Hispanic up 5.5 percentage points over the past decade—the disparity remains wide.

At LBC Capital, we believe homeownership should be accessible to everyone. That’s why we support lending programs and community initiatives aimed at leveling the playing field for underserved buyers.

Covenant Homeownership Act: A Step Toward Equity

In 2023, Washington State took a bold step to address these disparities through the Covenant Homeownership Act. This new legislation is designed to reverse the long-standing effects of housing discrimination by providing down payment assistance specifically to individuals from communities historically excluded from homeownership.

Eligible recipients include Black, Latino, Indigenous, Pacific Islander, Korean, and Asian Indian Washingtonians. Since the program’s launch, the state has distributed over $27.5 million in funds, helping at least 247 families purchase homes they otherwise might not have been able to afford.

Though the program is currently facing legal challenges over its race-conscious eligibility requirements, it reflects an urgent and needed effort to promote fairness in housing. It also demonstrates that policy, when thoughtfully crafted, can have a direct and meaningful impact.

Why Washington’s Ownership Growth Matters

Washington’s rising homeownership rate is more than a win for real estate—it’s a sign of economic health and community investment. When more people own homes, neighborhoods become more stable, schools receive more consistent funding, and local businesses benefit from increased consumer spending.

Increased Economic Security

Homeownership builds wealth. As home values appreciate, owners build equity—an asset that renters typically miss. This equity can later be used for education, retirement, or reinvestment. As more Washingtonians become homeowners, we’re seeing a broad increase in long-term financial security.

LBC Capital works with clients across the financial spectrum, offering solutions that help turn renters into owners and owners into investors. We know that for many families, owning a home is the first step to lasting financial independence.

Stronger Communities

Homeowners are more likely to stay in their homes longer than renters, which leads to more cohesive neighborhoods. This long-term presence strengthens community ties, boosts civic participation, and improves public safety. With more residents putting down roots in Washington, cities and towns are seeing lasting benefits that go beyond the housing market.

Market Confidence

Washington’s reputation for stability attracts new buyers, investors, and developers. The consistent growth in ownership rates reassures financial institutions and promotes healthier lending environments. It also encourages more balanced development—avoiding the boom-and-bust cycles that have plagued other states.

Overcoming Affordability Challenges

Despite the positive trends, affordability remains a pressing concern. Home prices in cities like Seattle and Bellevue have climbed sharply in recent years, often pricing out first-time buyers. Even in suburban and rural markets, limited inventory can drive up competition and delay the buying process.

To ensure continued progress, Washington must focus on increasing housing supply. This includes expanding zoning laws to allow for more multi-family units, streamlining construction permits, and encouraging the development of affordable homes.

LBC Capital helps clients navigate these challenges by offering flexible loan products and guiding them through complex local requirements. Our goal is to remove obstacles, not add to them.

How LBC Capital Supports Washington Homebuyers

At LBC Capital, we’re proud to support Washington’s growing base of homeowners. Our personalized approach, in-depth market knowledge, and commitment to transparency set us apart from other mortgage brokers.

We provide:

  • Access to competitive mortgage rates tailored to individual needs
  • Expert guidance on first-time homebuyer programs, FHA, VA, and USDA loans
  • Solutions for clients with unique credit or income situations
  • Local experience that helps our clients close with confidence

We don’t believe in one-size-fits-all mortgages. Instead, we work one-on-one with each client to create a strategy that fits their life and long-term goals.