Arizona Tops List of States with Biggest Rise in Homeownership since 2014 

New research has revealed the states with the biggest increases and decreases in homeownership over the past decade. The study by Eden Emerald Mortgages, using data from the U.S. Census Bureau’s Current Population Survey/Housing Vacancy Survey, analyzed homeownership rates across all states from 2014 to 2024 to identify which regions have experienced the most significant changes. The averages of all four quarters for 2014 and 2024 were calculated and compared. Homeownership rates are defined as the percentage of people who own the home in which they live.

The 5 States with the Biggest Homeownership Rate Increases (2014-2024)

Arizona leads the nation with the highest growth in homeownership, increasing 5.6 percentage points from 63.5% in 2014 to 69.1% in 2024. The state saw its highest ownership in the third quarter of 2023, when it went up to 71.3%. Nevada follows in second with a 5.5 percentage point increase, bringing its homeownership rate from 55.9% in 2014 to 61.5% in 2024. The first quarter of 2023 saw its highest number, where it sat at 63.1%. Montana saw the third-highest growth with a 5.0 percentage point increase, taking its homeownership rate from 66.9% to 71.9%.

2023’s fourth quarter saw the state’s highest ownership, where it went up to 74.1%. New Mexico experienced a 4.2 percentage point increase in homeownership, rising from 66.3% to 70.6% over the decade. The fourth quarter of 2022 saw it go to 73.1%, the highest rate of the past decade. Florida and West Virginia tied for the fifth-highest growth with identical 3.6 percentage point increases. Florida’s rate went from 64.9% to 68.5%, while West Virginia saw growth from 75.6% to 79.2%, giving it the highest overall homeownership rate in the country.

The 5 States with the Biggest Homeownership Rate Decreases (2014-2024)

Utah saw the steepest decline in homeownership rates with a drop of 2.6 percentage points, falling from 70.9% in 2014 to 68.3% in 2024. It went up as high as 74.7% in the fourth quarter of 2018. Oklahoma experienced the second-largest decline, with homeownership falling 2.5 percentage points from 69.3% to 66.8%. The second quarter of 2020 saw homeownership at its highest in the state, with 74.1%. New Jersey saw homeownership rates drop by 2.2 percentage points, declining from 65.2% to 63.0%. Homeownership was at its highest in the state back in the third quarter of 2022, sitting at 66.9%.

North Carolina recorded a 1.9 percentage point decrease in homeownership, with rates falling from 66.4% to 64.5%. 72.6% was the highest it went up to in the decade measured, which was in the second quarter of 2020. South Carolina rounds out the bottom five with a 1.6 percentage point drop, declining from 73.0% in 2014 to 71.4% in 2024. The third quarter of 2020 saw the state’s highest homeownership rate, where it sat at 77.6%. New York maintains the lowest homeownership rate at 52.7%, with a small drop of 0.2 percentage points since 2014. California saw a modest increase of 1.1 percentage points, bringing its rate to 55.3% in 2024. West Virginia now holds the highest homeownership rate in the country at 79.2%, followed by Mississippi at 75.9% and Delaware at 75.2%.

Shaun Bettman, CEO of Eden Emerald Mortgages, commented on the findings: “What should be noted is the staggering difference in homeownership rates in different parts of the country, with New York sitting as low as 52.7%, compared to areas like West Virginia, at nearly 80%. Across the country, homeownership rates have dropped on average since the 2000s, but post-COVID, this national average is on the rise. Despite this, it’s still falling in many states, and whether these trends continue is what will shape the US housing market for years to come.”