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For many, homeownership is the ultimate realization of the American Dream. Though often expensive up front, buying a home is one of the best and most practical ways to build wealth, as real estate tends to appreciate in value and homeowners benefit from several tax deductions.
While buying a home is one of the best investments anyone can make, it is not within everyone’s reach. Today, the U.S. homeownership rate — or the share of housing units occupied by their owners — stands at about 64%, down from an all time high of more than 69% leading up to the housing bubble that had a role in bringing about the global financial crisis.
Homeownership rates are also not the same across all states. In some parts of the country, nearly three-quarters of housing units are owner-occupied, while in others only about half are. To determine the states with the highest (and lowest) homeownership rates, 24/7 Wall St. reviewed data on the percentage of occupied housing units that are occupied by their owners from the U.S. Census Bureau’s 2018 U.S. Census Bureau’s American Community Survey. The median value of owner-occupied homes, the percentage of owner-occupied housing units with a mortgage, the median monthly housing costs for owner-occupied housing units with a mortgage, and median household income for all units also came from the 2018 ACS. States are ranked from the lowest homeownership rate to the highest.
Homeownership is closely tied to housing costs, and in states where housing costs are higher and housing is less affordable, homeownership rates tend to be lower. In eight of the 10 states with the lowest homeownership rates, the median monthly housing costs for houses with a mortgage is higher than $1,566 — the national median.
Even though the population is wealthier in most of these states, the higher incomes are not enough to compensate for higher housing costs. Here is a look at America’s 25 least affordable housing markets.
One of the primary determinants of home value and price, in addition to location, is the size of the property and square footage of the home. While within a given real estate market larger homes are generally more expensive, in some parts of the country, larger homes are far more affordable than in others. A very small apartment in Manhattan can be far more expensive than a McMansion in Indiana. Here is a look at how much home you can buy for $200,000 in each state.
Click here to see the states with highest homeownership
50. New York
> Homeownership rate: 53.7%
> Median owner-occupied home value: $325,500 (8th highest)
> Housing units with a mortgage: 59.9% (21st lowest)
> Median monthly housing costs (w/ mortgage): $2,098 (5th highest)
> Median household income: $67,844 (14th highest)
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49. California
> Homeownership rate: 54.8%
> Median owner-occupied home value: $546,800 (2nd highest)
> Housing units with a mortgage: 69.6% (4th highest)
> Median monthly housing costs (w/ mortgage): $2,345 (3rd highest)
> Median household income: $75,277 (6th highest)
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48. Nevada
> Homeownership rate: 56.8%
> Median owner-occupied home value: $292,200 (11th highest)
> Housing units with a mortgage: 67.8% (9th highest)
> Median monthly housing costs (w/ mortgage): $1,528 (21st highest)
> Median household income: $58,646 (22nd lowest)
47. Hawaii
> Homeownership rate: 58.3%
> Median owner-occupied home value: $631,700 (the highest)
> Housing units with a mortgage: 64.4% (16th highest)
> Median monthly housing costs (w/ mortgage): $2,354 (2nd highest)
> Median household income: $80,212 (3rd highest)
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46. Texas
> Homeownership rate: 61.7%
> Median owner-occupied home value: $186,000 (21st lowest)
> Housing units with a mortgage: 56.5% (12th lowest)
> Median monthly housing costs (w/ mortgage): $1,603 (16th highest)
> Median household income: $60,629 (24th highest)
45. Massachusetts
> Homeownership rate: 61.8%
> Median owner-occupied home value: $400,700 (3rd highest)
> Housing units with a mortgage: 68.2% (5th highest)
> Median monthly housing costs (w/ mortgage): $2,207 (4th highest)
> Median household income: $79,835 (4th highest)
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44. Rhode Island
> Homeownership rate: 61.8%
> Median owner-occupied home value: $273,800 (15th highest)
> Housing units with a mortgage: 68.2% (6th highest)
> Median monthly housing costs (w/ mortgage): $1,830 (11th highest)
> Median household income: $64,340 (17th highest)
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43. North Dakota
> Homeownership rate: 62.5%
> Median owner-occupied home value: $198,700 (25th lowest)
> Housing units with a mortgage: 53.4% (5th lowest)
> Median monthly housing costs (w/ mortgage): $1,425 (25th highest)
> Median household income: $63,837 (18th highest)
42. Oregon
> Homeownership rate: 62.5%
> Median owner-occupied home value: $341,800 (7th highest)
> Housing units with a mortgage: 65.2% (13th highest)
> Median monthly housing costs (w/ mortgage): $1,690 (14th highest)
> Median household income: $63,426 (19th highest)
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41. Washington
> Homeownership rate: 62.8%
> Median owner-occupied home value: $373,100 (5th highest)
> Housing units with a mortgage: 67.8% (7th highest)
> Median monthly housing costs (w/ mortgage): $1,883 (10th highest)
> Median household income: $74,073 (9th highest)
40. Georgia
> Homeownership rate: 63.8%
> Median owner-occupied home value: $189,900 (23rd lowest)
> Housing units with a mortgage: 64.6% (15th highest)
> Median monthly housing costs (w/ mortgage): $1,395 (23rd lowest)
> Median household income: $58,756 (23rd lowest)
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39. New Jersey
> Homeownership rate: 64.0%
> Median owner-occupied home value: $344,000 (6th highest)
> Housing units with a mortgage: 66.3% (11th highest)
> Median monthly housing costs (w/ mortgage): $2,398 (the highest)
> Median household income: $81,740 (2nd highest)
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38. Arizona
> Homeownership rate: 64.8%
> Median owner-occupied home value: $241,100 (19th highest)
> Housing units with a mortgage: 63.3% (20th highest)
> Median monthly housing costs (w/ mortgage): $1,417 (25th lowest)
> Median household income: $59,246 (24th lowest)
37. North Carolina
> Homeownership rate: 65.1%
> Median owner-occupied home value: $180,600 (19th lowest)
> Housing units with a mortgage: 62.1% (24th highest)
> Median monthly housing costs (w/ mortgage): $1,284 (17th lowest)
> Median household income: $53,855 (11th lowest)
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36. Colorado
> Homeownership rate: 65.1%
> Median owner-occupied home value: $373,300 (4th highest)
> Housing units with a mortgage: 70.1% (2nd highest)
> Median monthly housing costs (w/ mortgage): $1,741 (13th highest)
> Median household income: $71,953 (11th highest)
35. Oklahoma
> Homeownership rate: 65.4%
> Median owner-occupied home value: $140,000 (4th lowest)
> Housing units with a mortgage: 53.7% (6th lowest)
> Median monthly housing costs (w/ mortgage): $1,214 (7th lowest)
> Median household income: $51,924 (8th lowest)
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34. Louisiana
> Homeownership rate: 65.5%
> Median owner-occupied home value: $167,300 (14th lowest)
> Housing units with a mortgage: 52.2% (3rd lowest)
> Median monthly housing costs (w/ mortgage): $1,254 (15th lowest)
> Median household income: $47,905 (5th lowest)
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33. Alaska
> Homeownership rate: 65.6%
> Median owner-occupied home value: $276,100 (14th highest)
> Housing units with a mortgage: 61.5% (25th lowest)
> Median monthly housing costs (w/ mortgage): $1,895 (8th highest)
> Median household income: $74,346 (8th highest)
32. Arkansas
> Homeownership rate: 65.8%
> Median owner-occupied home value: $133,100 (3rd lowest)
> Housing units with a mortgage: 53.9% (7th lowest)
> Median monthly housing costs (w/ mortgage): $1,071 (2nd lowest)
> Median household income: $47,062 (3rd lowest)
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31. Connecticut
> Homeownership rate: 65.8%
> Median owner-occupied home value: $277,400 (13th highest)
> Housing units with a mortgage: 67.2% (10th highest)
> Median monthly housing costs (w/ mortgage): $2,056 (6th highest)
> Median household income: $76,348 (5th highest)
30. Ohio
> Homeownership rate: 65.9%
> Median owner-occupied home value: $151,100 (8th lowest)
> Housing units with a mortgage: 62.4% (23rd highest)
> Median monthly housing costs (w/ mortgage): $1,248 (12th lowest)
> Median household income: $56,111 (18th lowest)
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29. Virginia
> Homeownership rate: 65.9%
> Median owner-occupied home value: $281,700 (12th highest)
> Housing units with a mortgage: 67.8% (8th highest)
> Median monthly housing costs (w/ mortgage): $1,752 (12th highest)
> Median household income: $72,577 (10th highest)
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28. Florida
> Homeownership rate: 65.9%
> Median owner-occupied home value: $230,600 (23rd highest)
> Housing units with a mortgage: 56.2% (10th lowest)
> Median monthly housing costs (w/ mortgage): $1,471 (22nd highest)
> Median household income: $55,462 (14th lowest)
27. Illinois
> Homeownership rate: 66.0%
> Median owner-occupied home value: $203,400 (25th highest)
> Housing units with a mortgage: 62.4% (22nd highest)
> Median monthly housing costs (w/ mortgage): $1,665 (15th highest)
> Median household income: $65,030 (15th highest)
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26. Nebraska
> Homeownership rate: 66.1%
> Median owner-occupied home value: $161,800 (11th lowest)
> Housing units with a mortgage: 59.4% (19th lowest)
> Median monthly housing costs (w/ mortgage): $1,353 (20th lowest)
> Median household income: $59,566 (25th lowest)
25. Kansas
> Homeownership rate: 66.2%
> Median owner-occupied home value: $159,400 (10th lowest)
> Housing units with a mortgage: 59.0% (17th lowest)
> Median monthly housing costs (w/ mortgage): $1,364 (21st lowest)
> Median household income: $58,218 (21st lowest)
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24. New Mexico
> Homeownership rate: 66.2%
> Median owner-occupied home value: $174,700 (17th lowest)
> Housing units with a mortgage: 53.3% (4th lowest)
> Median monthly housing costs (w/ mortgage): $1,234 (11th lowest)
> Median household income: $47,169 (4th lowest)
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23. Tennessee
> Homeownership rate: 66.2%
> Median owner-occupied home value: $177,500 (18th lowest)
> Housing units with a mortgage: 58.6% (16th lowest)
> Median monthly housing costs (w/ mortgage): $1,228 (9th lowest)
> Median household income: $52,375 (10th lowest)
22. Missouri
> Homeownership rate: 66.8%
> Median owner-occupied home value: $162,600 (13th lowest)
> Housing units with a mortgage: 60.7% (23rd lowest)
> Median monthly housing costs (w/ mortgage): $1,249 (14th lowest)
> Median household income: $54,478 (12th lowest)
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21. Maryland
> Homeownership rate: 66.9%
> Median owner-occupied home value: $324,800 (9th highest)
> Housing units with a mortgage: 72.4% (the highest)
> Median monthly housing costs (w/ mortgage): $1,955 (7th highest)
> Median household income: $83,242 (the highest)
20. Wisconsin
> Homeownership rate: 67.1%
> Median owner-occupied home value: $188,500 (22nd lowest)
> Housing units with a mortgage: 63.0% (21st highest)
> Median monthly housing costs (w/ mortgage): $1,387 (22nd lowest)
> Median household income: $60,773 (23rd highest)
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19. Kentucky
> Homeownership rate: 67.4%
> Median owner-occupied home value: $148,100 (7th lowest)
> Housing units with a mortgage: 56.7% (13th lowest)
> Median monthly housing costs (w/ mortgage): $1,164 (6th lowest)
> Median household income: $50,247 (7th lowest)
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18. Montana
> Homeownership rate: 67.5%
> Median owner-occupied home value: $249,200 (18th highest)
> Housing units with a mortgage: 56.4% (11th lowest)
> Median monthly housing costs (w/ mortgage): $1,413 (24th lowest)
> Median household income: $55,328 (13th lowest)
17. South Dakota
> Homeownership rate: 67.9%
> Median owner-occupied home value: $171,500 (16th lowest)
> Housing units with a mortgage: 55.2% (9th lowest)
> Median monthly housing costs (w/ mortgage): $1,301 (18th lowest)
> Median household income: $56,274 (19th lowest)
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16. Alabama
> Homeownership rate: 68.0%
> Median owner-occupied home value: $147,900 (6th lowest)
> Housing units with a mortgage: 55.0% (8th lowest)
> Median monthly housing costs (w/ mortgage): $1,164 (6th lowest)
> Median household income: $49,861 (6th lowest)
15. Mississippi
> Homeownership rate: 68.2%
> Median owner-occupied home value: $123,300 (2nd lowest)
> Housing units with a mortgage: 48.3% (2nd lowest)
> Median monthly housing costs (w/ mortgage): $1,132 (4th lowest)
> Median household income: $44,717 (2nd lowest)
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14. Pennsylvania
> Homeownership rate: 68.6%
> Median owner-occupied home value: $186,000 (21st lowest)
> Housing units with a mortgage: 59.7% (20th lowest)
> Median monthly housing costs (w/ mortgage): $1,451 (23rd highest)
> Median household income: $60,905 (21st highest)
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13. Indiana
> Homeownership rate: 68.9%
> Median owner-occupied home value: $147,300 (5th lowest)
> Housing units with a mortgage: 65.1% (14th highest)
> Median monthly housing costs (w/ mortgage): $1,118 (3rd lowest)
> Median household income: $55,746 (17th lowest)
12. South Carolina
> Homeownership rate: 69.3%
> Median owner-occupied home value: $170,800 (15th lowest)
> Housing units with a mortgage: 58.5% (14th lowest)
> Median monthly housing costs (w/ mortgage): $1,225 (8th lowest)
> Median household income: $52,306 (9th lowest)
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11. Wyoming
> Homeownership rate: 70.3%
> Median owner-occupied home value: $230,500 (24th highest)
> Housing units with a mortgage: 58.6% (15th lowest)
> Median monthly housing costs (w/ mortgage): $1,440 (24th highest)
> Median household income: $61,584 (20th highest)
10. Utah
> Homeownership rate: 70.5%
> Median owner-occupied home value: $303,300 (10th highest)
> Housing units with a mortgage: 69.9% (3rd highest)
> Median monthly housing costs (w/ mortgage): $1,531 (20th highest)
> Median household income: $71,414 (12th highest)
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9. Idaho
> Homeownership rate: 70.7%
> Median owner-occupied home value: $233,100 (21st highest)
> Housing units with a mortgage: 64.1% (17th highest)
> Median monthly housing costs (w/ mortgage): $1,249 (14th lowest)
> Median household income: $55,583 (15th lowest)
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8. Delaware
> Homeownership rate: 71.0%
> Median owner-occupied home value: $255,300 (17th highest)
> Housing units with a mortgage: 63.3% (19th highest)
> Median monthly housing costs (w/ mortgage): $1,566 (17th highest)
> Median household income: $64,805 (16th highest)
7. Michigan
> Homeownership rate: 71.2%
> Median owner-occupied home value: $162,500 (12th lowest)
> Housing units with a mortgage: 59.3% (18th lowest)
> Median monthly housing costs (w/ mortgage): $1,270 (16th lowest)
> Median household income: $56,697 (20th lowest)
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6. Maine
> Homeownership rate: 71.2%
> Median owner-occupied home value: $197,500 (24th lowest)
> Housing units with a mortgage: 60.9% (24th lowest)
> Median monthly housing costs (w/ mortgage): $1,349 (19th lowest)
> Median household income: $55,602 (16th lowest)
5. Iowa
> Homeownership rate: 71.3%
> Median owner-occupied home value: $152,000 (9th lowest)
> Housing units with a mortgage: 60.1% (22nd lowest)
> Median monthly housing costs (w/ mortgage): $1,234 (11th lowest)
> Median household income: $59,955 (25th highest)
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4. New Hampshire
> Homeownership rate: 71.3%
> Median owner-occupied home value: $270,000 (16th highest)
> Housing units with a mortgage: 63.9% (18th highest)
> Median monthly housing costs (w/ mortgage): $1,892 (9th highest)
> Median household income: $74,991 (7th highest)
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3. Minnesota
> Homeownership rate: 71.5%
> Median owner-occupied home value: $235,400 (20th highest)
> Housing units with a mortgage: 65.4% (12th highest)
> Median monthly housing costs (w/ mortgage): $1,559 (19th highest)
> Median household income: $70,315 (13th highest)
2. Vermont
> Homeownership rate: 72.2%
> Median owner-occupied home value: $233,100 (21st highest)
> Housing units with a mortgage: 61.8% (25th highest)
> Median monthly housing costs (w/ mortgage): $1,560 (18th highest)
> Median household income: $60,782 (22nd highest)
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1. West Virginia
> Homeownership rate: 72.5%
> Median owner-occupied home value: $121,300 (the lowest)
> Housing units with a mortgage: 46.0% (the lowest)
> Median monthly housing costs (w/ mortgage): $1,001 (the lowest)
> Median household income: $44,097 (the lowest)
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