Concering new study reveals New York has the lowest homeownership rate in the US
The affordability crisis is perhaps reflected the worst in the state of the housing market of the country. Within that, some areas of the country have done a lot worse than others in recent years. It turns out that New York is at the bottom of the list when it comes to homeownership. More and more people are opting to rent rather than buy property, thanks to rising prices. Things might get even worse in the future.
A recently released study revealed the homeownership rates across all 50 states of the country at the end of 2024. The Big Apple was at the bottom with only 51.3% of residents owning homes. That means that almost half of the population of the state did not have homes of their own. The study was conducted by Stage Properties Brokers LLC, which tracked quarterly homeownership trends across all 50 states throughout 2024, as per a report in The New York Post.
The ranking system was based on the number of people who owned a home in each state in the fourth quarter of the year. Tracking a whole year’s worth of data also gave the researchers insight into how things changed in the homeownership landscape across the country in that time period. The report further stated that the trend in New York’s case did not paint a pretty picture.
The trajectory, as per The Post, was flat to down. This clearly indicated a renter-heavy market, which has been the norm for New York for a number of years. However, just over 50% of residents owning homes is quite a shocking number. “The state continues to struggle with property prices that far outpace local income growth, especially in and around New York City,” Ghassan Saliba, CEO of Stage Properties Brokers LLC, said in a statement.
“Intense competition in densely populated markets, along with a severe shortage of housing, has made it increasingly difficult for would-be buyers to gain a presence in the housing market. As a result, many residents are remaining in the rental sector for longer, not by choice, but because the financial barriers to ownership are simply too high.”
Other states that have not done well include Massachusetts, New Jersey, and Rhode Island. Massachusetts saw a massive drop in 2024, and there was a lot of volatility when it came to New Jersey’s housing market. Even North Carolina did not do well with 65.7% homeownership. However, the southern states have done quite well in this regard. Michigan and Mississippi tied for second place and ownership rates comfortably above 75%.
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