New York saw the eleventh-largest decrease in homeownership over the last decade, a new study finds.
From 2014 to 2024, New Yorkers saw homeownership drop by 1.5%, even despite the increase in home sales that came with the COVID-19 pandemic.
The study, which was conducted by the real estate site New Jersey Real Estate Network, analyzed US Census data over the last 10 years on the percentage of homeowners in each state, to identify where experienced the highest rise and decline in rates.
Interestingly, in 2020, New York’s homeownership rate was at its highest over the last decade at 54.4%. But, the homeownership rate in New York now stands at 52.4%, compared to 53.2% in 2014.
However, New York is not nearly the biggest drop, a title that belongs to South Carolina, where homeownership dropped the most significantly, decreasing by 7.56%. In 2022, homeownership was at its highest — 76.6%. Now, it sits at 69.7%. In 2014, it was at 75.4%.
North Carolina saw the second-largest decrease in the last decade, 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.
Coming in third was Michigan, with a 5.01% drop in homeownership since 2014. It peaked in 2014 at 75.9%, and now stands at 72.1%.
The 15 states with the highest percentage decrease from 2014 to 2024:
So where has homeownership grown? New Mexico.
Over the past 10 years, homeownership has risen a whopping 11.42%. It experienced a surge in 2020 at 73.8%, compared to 71.2% in 2024 and 63.9% in 2014.
Nevada comes up second with a 9.22% spike. According to the study, 61.6% of people own homes now, while it used to be 56.4%.
Virginia experienced an increase of 7.99% 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 study says.
Check out the full list below:
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