Homeownership Rates: Top and Bottom 5 States

Affordability has a strong impact on homeownership.  Not surprisingly, four of five states with the lowest homeownership rates in the US are characterized by markets with high prices.  Washington, DC has the lowest homeownership rate at 45.3%.   At the opposite end of the spectrum, West Virginia, New Hampshire, Michigan, and Maine have among the highest affordability and homeownership rates.  The dispersion of state homeownership rates is a wide 22.4 percentage points around the US average of 65%, split symmetrically at 11.2 points on either side, with the exception of DC.  More information about state homeownership rates is available in the Local Market Reports for the 2nd quarter of 2013.

Ken Fears, Director, Regional Economics and Housing Finance

Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.

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  1. Shocking in places where housing inflation is very high, ownership is low.
    Test case model for 2013 is Orange County for Median Prices to Median incomes. Before the rates rose already 2/3rd of the buyers were priced out.

    Then rates rose and Housing Nirvana took a slap in the face


  2. Why don’t you ever have a * on homeownership numbers you and I know that
    census counts all delinquent homeowners even 90 day late as homeowners.
    We have over 3 million people like this, not all will lose their homes and become renters but much will.

    Also, Affordability Index based on a 20% down borrower ( with a 740 fico)… really, you couldn’t have secondary index based on a 10% down, 15% down 5 % down and FHA loan on the side to be a bit more realistic

    Housing inflation is rising, on both fronts… with the type of jobs recovery.. low paying wages and part time work… DTI will be light with liquid asset


  3. I doubt Nevada has low homeownership due to affordability concerns. Properties are quite cheap there, even after the recent price increases. However, the other four in the bottom five are clearly expensive regions of the country.

  4. Nevada is a high cash buyer state. Las Vegas it self latest numbers I read is 54.5% cash buyers