Thursday, April 10, 2025

House & Home - Home Ownership Trends

 

Rising costs, high mortgage rates, and regional economic shifts are reshaping the homeownership landscape. Home Gnome found that only 16% of the largest U.S. cities experienced homeownership growth from 2010 to 2023, and those gains are increasingly concentrated in smaller, more affordable areas.

High-cost markets with long-standing economic pressure, including Chicago, Los Angeles, and Miami, saw sharp declines in ownership. Home Gnome’s ranking of the 500 largest U.S. cities highlights the growing divide.

Top 5 Cities With Homeownership Growth Over 7.5%

  1. Kent, WA

  2. Providence, RI

  3. Mount Vernon, NY

  4. Everett, WA

  5. Ogden, UT

Cities With the Largest Declines (-16% or More)

  1. Richardson, TX

  2. Irvine, CA

  3. Frisco, TX

  4. Trenton, NJ

  5. Norwalk, CT


Want to see where your city ranks? Check out the full ranking.


Key Takeaways:

  • High-cost cities like Chicago and Miami saw homeownership drops between -4.5% and -13.5%.

  • Economic factors and outbound migration are fueling ownership losses in California, New Jersey, Illinois, and Florida.

  • Smaller cities with stable job markets and lower living costs, such as Ogden, UT, and Providence, RI, ranked among the highest for ownership gains.


For more insights, read the full story here: https://www.homegnome.com/blog/studies/cities-with-largest-homeownership-growth/


More Resources:

 

Please email media@homegnome.com with any questions you have about our study or if you would like to interview one of our editors.


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