Highest-Homeownership Rates
5. Delaware
> Homeownership rate: 72.1%
> Median home value: $249,400 (13th highest)
> Population: 899,769
For a state with a large percentage of owner-occupied homes, Delaware has a relatively high median home price of $249,400. Nevertheless, the state has one of the highest homeownership rates in the country. This partly has to do with the fact that the state’s largest city, Wilmington, has just 70
,000 residents. Less than 18% of state residents live in apartments or condos, compared to a national rate of 25.9%.
4. Iowa
> Homeownership rate: 72.1%
> Median home value: $122,000 (8th lowest)
> Population: 3,049,883
Less than one-fifth of housing units are in multi-unit structures in Iowa. The state’s population is very spread out. The largest metropolitan area, Omaha-Council Bluffs, has 900,000 people, and that number is bolstered greatly by Omaha, Nebraska, which borders Iowa. The city of Council Bluffs has slightly more than 60,000 people. Des Moines, the state’s largest city, has a population of just over 200,000.
3. Michigan
> Homeownership rate: 72.1%
> Median home value: $132,200 (14th lowest)
> Population: 9,877,574
Michigan does have a large city, Detroit, which contributes to some people living in multi-housing unit buildings, as well as a relatively high state vacancy rate — two factors that negatively affect a state’s homeownership rate. These are offset, however, by the fact that the population of the city has declined dramatically and residents have moved to the suburbs. The state has one of the lowest median home values in the country, and the percentage of residents living in apartments or condos is a full 8.1 points less than the national rate.
2. Minnesota
> Homeownership rate: 73.0%
> Median home value: $200,400 (20st highest)
> Population: 5,310,584
The most populous area in Minnesota is Minneapolis-St. Paul. The Twin Cities, as they are known, comprise the state’s largest city, Minneapolis, the capital, St. Paul, and surrounding suburbs. The two cities are home to approximately 380,000 people and 280,000 people, respectively. Throughout the rest of the state, the population is spread relatively evenly.
1. West Virginia
> Homeownership rate: 73.4%
> Median home value: $94,500 (the lowest)
> Population: 1,853,973
West Virginia has the highest homeownership rate in the country, at 73.4%. This is more than 20% higher than in New York. It is likely no coincidence that the median price of a home in the state is the lowest in the country, at just $94,500. Just 12.2% of the homes in the state are in apartments or condos, compared to a national rate of 25.9%.
Douglas A. McIntyre, Charles B. Stockdale, Michael B. Sauter
