New research has named the states where the homeownership rates have changed the most in the last decade.
The study, conducted by the real estate site New Jersey Real Estate Network, analyzed US Census data from 2014 to 2024 on the percentage of homeowners in each state, to identify where experienced the highest rise and decline in rates.
According to the findings, the percentage of homeowners has increased the most in New Mexico over the past 10 years, rising by 11.42%. Homeownership in the state was highest in 2020 at 73.8%, compared to 71.2% in 2024 and 63.9% in 2014.
Nevada experienced the second-largest increase in homeownership from 2014 to 2024, at 9.22%.
In 2020, Nevada’s homeownership rate was at its highest over the last decade at 62.8%. This figure was at only 56.4% in 2014 and now stands at 61.6%.
Virginia ranks third with an increase of 7.99% in homeownership from 2014 to 2024. Homeownership is currently at its highest in the state, with the latest rate at 73% compared to 67.6% in 2014.
The 10 states with the highest percentage increase from 2014 to 2024
Rank | State | Percentage increase in homeownership from 2014 to 2024 |
1. | New Mexico | 11.42% |
2. | Nevada | 9.22% |
3. | Virginia | 7.99% |
4. | Maine | 7.83% |
5. | Arizona | 7.79% |
6. | Georgia | 7.70% |
7. | Kansas | 7.34% |
8. | Florida | 5.82% |
9. | Idaho | 5.72% |
10. | Hawaii | 4.95% |
At the other end of the scale, homeownership dropped most significantly in South Carolina from 2014 to 2024, decreasing by 7.56%.
Homeownership in the state was at its highest in 2022, at 76.6%; however, it is now at only 69.7%. In 2014, it was at 75.4%.
North Carolina homeownership has seen the second-largest decrease in the last 10 years, dropping by 5.79%. The state had the highest homeownership rate in 2020 at 72.6%, compared to 67.4% in 2014 and 63.5% in 2024.
In third is Michigan, with a 5.01% drop in homeownership since 2014. The state’s homeownership rate was highest in 2014 at 75.9% and has since dropped to 72.1%.
The 10 states with the highest percentage decrease from 2014 to 2024
Rank | State | Percentage decrease from 2014 to 2024 |
1. | South Carolina | -7.56% |
2. | North Carolina | -5.79% |
3. | Michigan | -5.01% |
4. | Oklahoma | -4.96% |
5. | Alaska | -4.20% |
6. | Minnesota | -2.77% |
7. | Kentucky | -2.76% |
8. | North Dakota | -2.64% |
9. | Rhode Island | -1.99% |
10. | South Dakota | -1.71% |
Commenting on the findings, a spokesperson from New Jersey Real Estate Network says:
“It’s notable that homeownership has increased in certain states over the past decade, even amid broader economic challenges. In seven states, including Connecticut, Mississippi, and West Virginia, homeownership has reached its highest level since 2014.
“While many states saw peak homeownership rates in 2020, followed by slight decreases in recent years, this could reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes.”
ENDS
Post courtesy https://www.
Sources:
Methodology:
US Census data on state-specific homeownership rates was gathered from 2014 to 2024. The most recent data available was for the second quarter of 2024, therefore, the second quarter of each year was looked at for each of the previous years.
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