A study from New Jersey Real Estate Network revealed that some states are seeing large increases in homeownership rates, while others are seeing decreases. The study analyzed U.S. Census data from 2019 to 2024 on the percentage of homeowners in each state to identify which states experienced the highest rise and fall in rates.
Over these five years, the percentage of homeowners increased the most in Connecticut, at 13.71%. Homeownership in Connecticut is currently at its highest within that timeline, at 70.5%, compared to 62% in 2019. Other top states include Nevada and Virginia.
Rhode Island saw the largest decrease in home ownership between 2019 and 2024, with a drop of 10.06%. Homeownership in Rhode Island was at its highest in 2019, at 65.6%, and now sits at 59%. Other states with large decreases include Oklahoma and Kansas.
Read more: Rising rates throw cold water on home price growth
"It's notable that homeownership has increased in certain states over the past decade, even amid broader economic challenges," a spokesperson for New Jersey Real Estate Network said in a release. "In seven states, including Connecticut, Virginia, and Illinois, homeownership has reached its highest level since 2019. Other states experienced peak homeownership rates in 2020, followed by slight decreases in recent years. These changes may reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes."
Read more about the states with the largest increase and decrease in homeownership.
States with the largest increase in homeownership
| Rank | State | Percentage increase in
homeownership from
2019 to 2024 |
1
| Connecticut
| 13.71%
|
2
| Nevada
| 10.39%
|
3
| Virginia
| 8.96%
|
4
| Illinois
| 8.83%
|
5
| Wisconsin
| 7.54%
|
6
| Florida
| 7.13%
|
7
| Delaware
| 5.83%
|
8
| Maine
| 5.58%
|
9
| West Virginia
| 5.38%
|
10
| Massachusetts
| 5.14%
|
States with the largest decrease in homeownership
| Rank | State | Percentage decrease in
homeownership from
2019 to 2024 |
10
| Utah
| -0.99%
|
9
| Hawaii
| -1.82%
|
8
| New Hampshire
| -3.16%
|
7
| South Carolina
| -3.73%
|
6
| Kentucky
| -3.87%
|
5
| Oregon
| -4.26%
|
4
| North Carolina
| -4.65%
|
3
| Kansas
| -5.19%
|
2
| Oklahoma
| -5.64%
|
1
| Rhode Island
| -10.06%
|
