New research has named the US states where the homeownership rates have changed the most in the last decade.

The study, conducted by the real estate site New Jersey Real Estate Network, analysed US Census data from 2014 to 2024 on the percentage of homeowners in each state, to identify where experienced the highest rise and decline in rates. 

According to the findings, homeownership dropped most significantly in South Carolina from 2014 to 2024, decreasing by 7.56%. North Carolina homeownership has seen the second-largest decrease in the last 10 years, dropping by 5.79%. In third is Michigan, with a 5.01% drop in homeownership since 2014.

See Figure 1.

By contrast, the percentage of homeowners has increased the most in New Mexico over the past 10 years, rising by 11.42%. Nevada experienced the second-largest increase in homeownership from 2014 to 2024, at 9.22%. Virginia ranks third with an increase of 7.99% in homeownership from 2014 to 2024.

See Figure 2.

Commenting on the findings, a spokesperson from New Jersey Real Estate Network said: “It’s notable that homeownership has increased in certain states over the past decade, even amid broader economic challenges. In seven states, including Connecticut, Mississippi and West Virginia, homeownership has reached its highest level since 2014.  While many states saw peak homeownership rates in 2020, followed by slight decreases in recent years, this could reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes.”