I will give you data for other in demand housing markets then to demonstrate how variable this stat is. In LA county, the homeownership rate is 46%. The homeownership rate in Queens is 45%, the homeownership rate in Brooklyn is 30%, in Manhattan its 24%, and in the Bronx its 20%. In Boston its 34%. In Miami its about 31%.

Really, homeownership is quite low in most in demand markets, especially ones that have been in demand for some time now.