Special Report

New Hampshire Residents Are Among the Most Likely To Own Their Own Homes in the Nation

Homeownership is a longstanding aspiration for millions of Americans. According to a Gallup poll, more than nine in every 10 American investors consider owning a home to be either an essential or important component of the American dream. Homeownership can also be one of the best and most practical ways to build wealth — both through appreciation of equity and tax deductions.

The past year has been historic for the American housing market. A surge in demand, fueled by the COVID-19 pandemic and record-low mortgage rates, helped push the national homeownership rate — or the share of housing units occupied by their owners — to 67.9% in the second quarter of 2020, its highest level in over a decade.

Still, homeownership rates vary considerably in the U.S., and in some parts of the country, people are far more likely to own their homes than in others.

According to the U.S. Census Bureau’s American Community Survey for 2019, the most recent year of available state level data, New Hampshire has the seventh highest homeownership rate among states, at 71.0%. For reference, the national homeownership that year stood at 64.1%.

Homeownership rates in different parts of the country are impacted by many factors, and one of them is housing costs. Though it is not always the case, states where real estate is more expensive often have lower than average homeownership rates, while areas where home prices are lower often have high homeownership — and New Hampshire is one exception.

In New Hampshire, the typical home is worth an estimated $281,400, more than the national median of $240,500. The high median home price likely helps explain why homeowners are more likely than average to be paying down a mortgage. An estimated 64.9% of owner-occupied housing units in the state have a standing mortgage, compared to 61.7% nationwide.

All data used in this story, including supplemental data on the median home value of owner-occupied homes and the percentage of housing units with a mortgage, are from the 2019 ACS. States were ranked based on the number of owner-occupied units as a share of all occupied housing units.

 

Rank State Homeownership rate (%) Median home value ($) Owner-occupied homes with a mortgage (%)
1 West Virginia 73.4 124,600 46.4
2 Maine 72.2 200,500 60.5
3 Minnesota 71.9 246,700 65.1
4 Wyoming 71.9 235,200 59.2
5 Michigan 71.6 169,600 59.3
6 Idaho 71.6 255,200 64.3
7 New Hampshire 71.0 281,400 64.9
8 Vermont 70.9 233,200 61.7
9 Utah 70.6 330,300 70.1
10 Iowa 70.5 158,900 59.9
11 Delaware 70.3 261,700 65.5
12 South Carolina 70.3 179,800 58.0
13 Indiana 69.3 156,000 65.2
14 Montana 68.9 253,600 55.4
15 Alabama 68.8 154,000 55.3
16 Pennsylvania 68.4 192,600 59.1
17 New Mexico 68.1 180,900 52.9
18 South Dakota 67.8 185,000 55.6
19 Mississippi 67.3 128,200 49.1
20 Wisconsin 67.2 197,200 62.7
21 Missouri 67.1 168,000 60.2
22 Kentucky 67.0 151,700 56.9
23 Maryland 66.8 332,500 71.9
24 Tennessee 66.5 191,900 58.2
25 Louisiana 66.5 172,100 51.7
26 Kansas 66.5 163,200 57.9
27 Nebraska 66.3 172,700 59.5
28 Florida 66.2 245,100 56.3
29 Virginia 66.1 288,800 67.7
30 Ohio 66.0 157,200 62.1
31 Illinois 66.0 209,100 62.4
32 Colorado 65.9 394,600 70.8
33 Oklahoma 65.5 147,000 54.4
34 Arkansas 65.5 136,200 53.0
35 North Carolina 65.3 193,200 63.2
36 Arizona 65.3 255,900 62.4
37 Connecticut 65.0 280,700 66.2
38 Alaska 64.7 281,200 60.8
39 Georgia 64.1 202,500 64.2
40 New Jersey 63.3 348,800 65.6
41 Washington 63.1 387,600 67.7
42 Oregon 62.9 354,600 66.1
43 Massachusetts 62.2 418,600 68.3
44 Texas 61.9 200,400 56.1
45 Rhode Island 61.7 283,000 66.3
46 North Dakota 61.3 205,400 52.1
47 Hawaii 60.2 669,200 64.4
48 Nevada 56.6 317,800 67.4
49 California 54.9 568,500 69.0
50 New York 53.5 338,700 59.6