The home ownership rate is not really a good proxy as it is a measure of occupied dwellings that have the owner as a resident (or at least that is the typical definition). Many non-owner occupied dwellings will be used as a primary residence too (e.g. long term rentals).

As an aside, it's often used to claim that 2/3 of people own their own home, which is obviously not true as many people share a residence with the owner.