- Virginia is the state with the largest decrease in the percentage of homeowners
- North Dakota and Ohio are the second and third states with the largest decline
- Connecticut, Nevada, and Pennsylvania make the top ten states
New data has revealed the states where there has been the largest decline in homeownership since 2000.
The data uncovered by RubyHome Luxury Real Estate reveals the homeownership percentages of all states since the turn of the millennium and what that means for comparative homeownership declines across the country.
Virginia is the state to have the largest decline in homeownership. While in 2000, the homeownership rate sat at 73.9%, it declined over the following decade to 68.7%. Despite increasing to 70.4% in 2020, the rate suffered a sharp decline to 2022 ultimately coming to 67.4%. This makes for a percentage change of 8.8% since 2000*.
The second-largest decline has taken place in North Dakota, where a homeownership rate of 70.7% in 2000, has fallen to 65.4%. This equates to a percentage decline of 7.5%.
In third, the state of Ohio has suffered a homeownership rate decline of 7.4%. In 2000 the rate sat at 71.3%, above the nationwide average of the time of 69.1%. By 2022 this rate fell to 66%, below the nationwide average of 68%.
In fourth, Connecticut’s 2000 homeownership rate of 70% sank over the proceeding years to one of 64.8% in 2022. This comes in as a percentage decline of 7.4%, the same as that of Ohio.
In 2000, North Carolina and Georgia had rates of 71.1% and 69.9% respectively. Having fallen to 65.9% and 64.7%, these states share a percentage decline of 7.3%, the fifth and sixth largest declines nationwide.
Despite a homeownership rate that was already below average in 2000, Nevada’s decline from 64% to 60.3% makes for a percentage decline of 5.8%, the seventh largest decrease nationwide.
Oklahoma closely shares a percentage decline with Nevada of 5.8%. A rate of 72.7% in 2000, which fell to 68.5%, meaning the state has seen the eighth largest decline in homeownership since 2000.
Pennsylvania and Tennessee are the final two states on the list having seen percentage declines in homeownership rates of 5.4% and 5.1% respectively.
States with the largest declines in homeownership since 2000:
A spokesperson from RubyHome Luxury Real Estate commented on the findings: “With the general trend since 2000 dictating that the current younger generation are less likely than their parents to ultimately own a home, it’s interesting to see the states who are most susceptible to this phenomenon. With this trend seemingly perpetuating, it will be pertinent to see whether these homeownership rates continue to decline or if the states most affected can reverse the trend.”
RubyHome Luxury Real Estate is a California-based real estate platform.