Why some of America's poorest states have the highest homeownership rates

Why some of America's poorest states have the highest homeownership rates

With high mortgage rates and rising home prices, the dream of home ownership has eluded many Americans. That's why it may come as a surprise that some of the poorest states around the country have more homeowners than their wealthier counterparts.

West Virginia leads all states with a home ownership rate of 77%, followed closely by Delaware (75.7%), Mississippi (75.5%), Maine (75.5%) and Wyoming (74.5%), according to U.S. Census data .

Despite high home ownership rates, these states - for the most part - have much lower average incomes compared to the rest of the country.

Wyoming is the exception (8th), though Mississippi and West Virginia have the first and second lowest median incomes in the nation, respectively. Delaware ranks 24th and Maine 30th for median personal income.

Other low-income states with high ownership include Alabama (9th ownership, 48th income), South Carolina (12th ownership, 44th income), Idaho (ownership 15th, 40th revenue) and New Mexico (18th ownership, 45th revenue).

"Several factors are at play here," says Realtor.com® economist Hannah Jones. "States with lower median income levels tend to have lower home prices, even when adjusted for earnings."

The states with the lowest rates of homeownership include some of the nation's highest income states: New York (6th income, 50th for home ownership), California (4th income, 49th estate), Nevada (25th income, 48th estate), Hawaii (26th income, 47th estate), and Massachusetts (1st income, 46th estate -to).

"Although California, New York and Massachusetts are among the highest-earning states in the US, buyers also see the highest home prices relative to their income levels," says Jones.

Home prices were between 8.8 and 9.8 times the typical income level in these three states (using the June 2024 median list price), compared to just 4.8 times higher in West Virginia.

"States with a primary, massive metro area—like New York City and Boston—also see lower levels of homeownership because of the large renter populations in these heavily populated metros," says Jones.

Here's a closer look at the five states with the highest and lowest home ownership rates across America.

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  • West Virginia
  • Delaware
  • Mississippi
  • Maine
  • Wyoming
  • New York
  • California
  • Nevada
  • Hawaii
  • Massachusetts
  • West Virginia

    West Virginia has an ownership rate of 77.0%. Chitra Tatachar – stock.adobe.com

    Home ownership rate: 77.0%
    Median personal income: $52,585

    Delaware

    Delaware has an ownership rate of 75.7%. Felix Mizioznikov – stock.adobe.com

    Home ownership rate: 75.7%
    Median personal income: $65,392

    Mississippi

    Mississippi has an ownership rate of 75.5%. Chad Robertson – stock.adobe.com

    Home ownership rate: 75.5%
    Median personal income: $48,110

    Maine

    Maine has an ownership rate of 75.5%. Medina – stock.adobe.com

    Home ownership rate: 75.5%
    Median personal income: $63,117

    Wyoming

    Wyoming has an ownership rate of 74.5%. Ulf – stock.adobe.com

    Home ownership rate: 74.5%
    Median personal income: $77,837

    New York

    New York has an ownership rate of 53.3%. Who is Danny – stock.adobe.com

    Home ownership rate: 53.3%
    Median personal income: $79,581

    California

    California has a home ownership rate of 55.8%. MaxFX – stock.adobe.com

    Home ownership rate: 55.8%
    Median personal income: $80,423

    Nevada

    Nevada has an ownership rate of 61.2%. Spiritofamerica – stock.adobe.com

    Home ownership rate: 61.2%
    Median personal income: $65,168

    Hawaii

    Hawaii has an ownership rate of 61.8%. EpicStockMedia – stock.adobe.com

    Home ownership rate: 61.8%
    Median personal income: $68,151

    Massachusetts

    Massachusetts has a home ownership rate of 61.9%. Pernelle Voyage – stock.adobe.com

    Home ownership rate: 61.9%
    Median personal income: $87,812

    #Americas #poorest #states #highest #homeownership #rates
    Image Source : nypost.com

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