The homeownership rate in the United States is commonly reported to be 65%. Using this new measure, the U.S. homeownership rate is 53%. Every state has a lower HPOP rate than its owner-occupancy rate. The inverse relationship between housing prices and homeownership may be stronger than the owner-occupancy rate suggests. The right measure for more policy conversationsThe traditional occupancy-based homeownership rate is helpful in certain cases.