State at 11-year high but still 3rd-worst
The share of Californians living in their own home hit an 11-year high last year, but the state’s homeownership rate is still the third-worst in the nation.
My trusty spreadsheet analyzed state homeownership stats from the Census Bureau, looking at 2022’s average rate versus the pre-pandemic 2010-19 average.
California’s 55.3% average homeownership rate in 2022 was the state’s best since 2011. Only Washington, D.C., at 42% and New York at 54% were lower.
The highest ownership rates in 2022 were found in West Virginia at 79%, then Wyoming at 75%, Minnesota at 75%, Maine at 75% and Delaware at 75%.
And what of California’s economic rivals? Texas was No. 45 at 64%, and Florida was No. 31 at 67%.
Details
The pandemic era’s low mortgage rates and increased urges for larger living spaces elevated ownership rates in many places Look at California’s rate. It rose 0.6 percentage point versus the pre-coronavirus 2010-19 average of 54.7%. That was the 16th-smallest rise nationally.
The biggest jump was seen in Rhode Island, which rose 5.1 points to 65.9% versus 60.8%. Then came Wyoming (up 4.3 points — 75.2% versus 70.9%), Maryland (up 4.2 points — 71.9% versus 67.6%), Iowa (up 3.9 points — 73.8% versus 69.9%) and Nevada (up 3.9 points — 60.3% versus 56.4%).
Let’s also note that 10 states saw falling homeownership.
The largest drops were in Connecticut (down 2.4 points — 64.8% versus 67.2%), Massachusetts (down 1.6 points — 61.2% versus 62.8%), Ohio (down 1.6 points — 66% versus 67.6%), New Jersey (down 0.8 points — 64.2% versus