by Just over half the states in the study saw an increase in homeownership while others saw a decrease over the past 4 years
HIGH POINT — Each month, we report on the latest existing home sales and related dynamics in the housing market including things such as average home sale prices both on a nationwide and regional level covering all four major areas of the country.
With home prices rising despite a glut of inventory, many are being pushed out of the market for the simple reason they can’t afford the rising costs.
But a more recent study by financial services firm Moneywise indicates that homeownership is still alive and well in many areas of the country. Its survey looked at states where homeownership has increased the most since 2020 based on the amount of people owning a home in various markets.
Many of the findings are worth noting. For example, Arizona had the highest percentage homeownership growth in the past four years, rising 9.46% from 65% in 2020 to 70.1% in 2024. In the top five, it was followed by Montana, with a homeownership rate of 72.1% up 6.88% from 67.4% in 2020; Connecticut, at 70.1%, up 5.75% from 66.3% in 2020; Virginia at 70.5%, up 4.81% from 67.3%; and Colorado at 66.6% up 4.56% from 63.7%.
Others in the top 10 include Indiana at 71.6%, up 4.55% from 68.2%; Alaska, at 66.7%, up 4.54% from 63.8%; Tennessee at 70.9%, up 4.29% from 68%; Iowa, at 71.3%, up 3.41% from 68.9%; and Maine at 77.2%, up 3.32% from 74.7% in 2020.
While some of the gains appear small, they represent some level of upward mobility for people in those areas. That’s the good news for just over half the states, or 26 states on the list. This is in contrast with the remaining states, which along with the District of Columbia, saw decreases in homeownership.
This ranged from South Carolina and New Mexico, which saw a .14% drop in homeownership over the four-year period to New Jersey, which saw the highest drop at 10.28%, to 59% ownership from 66.6% in 2020. Others at the bottom of the list included Oklahoma, down 5.99% to 67.7% from 71.8% in 2020; Delaware, down 4.95% to 76.2% from 79.8%; Georgia, down 4.73% to 63.3% from 66.4%; and Utah, down 4.02% to 69.6 from 72.5%.
This was followed by Kansas, down 3.63% to 67.1% from 69.6%; Michigan, down 3.05% to 71.3% from 73.5%; North Dakota, down 2.75% to 62.3% from 64%; District of Columbia, down 2.72% to 39.7% from 40.8%; and South Dakota, down 2.65% to 68.1% from 70%.
To view the entire survey results, click here.
While the survey offers a hint of some trends statewide, it begs answers to other questions, too. For example, are these areas seeing changes in home prices that is making housing more affordable or more expensive for first-time buyers? And if so, do younger homebuyers make up a percentage of the decease or increase in specific states?
Also, what’s the size of the typical home for sale by state or individual market? And what’s the typical income needed to purchase a home by state (that data was offered in another report we published earlier this year, that can be found here).
This and other information that’s available for individual markets can offer retailers a deeper perspective on what’s happening not only statewide, but also in their respective regions. This, in turn, along with data relating to consumer furniture buying trends, only can help tailor the product mix to the needs of a wide variety of customers. Without it, the dealer may be relying on guesswork and that’s hardly a strategy in these challenging times. It also could mean the difference to netting a sale versus having the consumer walk out the door to buy from a competitor or even online. It’s not a winning proposition.
