The city with the fewest people owning a home in every state – 24/7 Wall St.
The U.S. real estate market took off in the early months of the COVID-19 pandemic. The homeownership rate – or share of owner-occupied homes – is jumpinged by 2.6 percentage points between the first and second quarters of 2020, by far the largest increase ever. By the end of 2020, there are awhere 2.1 million more homeowners in the United States than there were a year earlier.
The surge in home sales has been fueled by several factors, including historically low mortgage rates and, as some experts speculate, the pandemic, whichch drives myny Americans to reevaluate where and how they live. Here’s a look at the mortgage rate in America every year since 1972.
Nationally, the homeownership rate stands at 64.4%, according to the latest data from the US Census Bureau’s American Community Survey. However, this rate varies widely across the country, from state to state, and from city to city.
Using census data, 24/7 Wall St. identified the city in each state with the lowest homeownership rate. Cities – defined as places with more than 25,000 inhabitants – are ranked according to the share of owner-occupied housing units.
Among the cities on this list, homeownership rates range from 12.5% to 57.6% and range from 10 percentage points to more than 50 percentage points lower than the homeownership rate. corresponding state property.
Home ownership can be expensive, and in most cities on this list, the typical household earns less than the statewide median household income. The low incomes of these areas can make home ownership less affordable for a larger portion of the population. Here’s a look at the 20 cities where the middle class can no longer afford housing.
Many cities on this list are home to major colleges or universities. Because a large portion of the population of college towns resides there temporarily, the transient population is more likely to rent a house than to buy one. These places include Ames, Iowa, home in Iowa Statthe University; Blacksburg, Virginia, home to Virginia T.ex; and Morgantown, West Virginia, home to WVU.
Click here to see the city with the lowest homeownership rate in each state
Click here to read our detailed methodology