West Virginia Tops Home Ownership

According to the Washington, D.C.-based U.S. Census Bureau’s report “Housing Characteristics: 2010,” home ownership is lowest in states with largely populated cities and high home prices. Slightly more than 53% of people in New York state own homes while 73 percent of West Virginia residents own houses. The report asserts that homeownership will not change significantly in the upcoming years because people in large cities have opportunities to rent that are not available in more rural areas. In the past decade, home ownership has dropped has dropped the most it has since 1940. Home prices are lowest in the states with the least dense population. Although there is not much supply in those states, the populations are not large enough to create excessive demand.

The states with the lowest home ownership are New York (53.3%), California (55.9%), Hawaii (57.7%), Nevada (58.8%) and Rhode Island(60.7%). States with the highest homeownership are West Virginia (73.4%), Minnesota (73%), Michigan (72.1%), Iowa (72.1%) and Delaware (72.1%).