States where homeownership has increased the most since 2020
A new study from the money experts at Moneywise shows that Arizona has had the highest increase in homeownership since 2020. The research analyzed government census data from 2020 to 2024 to see which states have had the most significant increase in homeownership. The percentage increase is not the absolute difference (difference between the two figures); the percentage increase represents how much bigger 70.1% is relative to 64% (using Arizona as an example).
- Arizona has seen the most significant increase in homeownership since 2020
- Montana ranks second
- Connecticut has had the third-highest increase in ownership
Top 10 states with the largest increase in homeownership
Arizona has had the highest increase in homeownership since 2020, with a rise of 9.46%. In 2020, homeownership was 64%. This had increased to 66.4% by 2022 and 70% in 2023. It then slightly increased to 70.1% in the first quarter of 2024.
Montana has experienced the second-highest increase in homeownership, at 6.88%. In 2020, 67.4% of people owned their own homes. This had increased slightly by 2022 to 67.7% before rising to 70.8% in 2023 and 72.1% in 2024.
Connecticut is the third state with the largest increase in homeownership, rising by 5.75% since 2020. In 2021, 66.1% of people owned their homes; this dropped to 63.9% in 2022. However, this shot up to 69% in 2023 and a further rise of 1.1% to 70.1% in 2024.
Virginia has had the fourth-highest increase in homeownership since 2020, with an increase of 4.81%. In 2020, 67.3% of people owned homes. This steadily rose over 2022 and 2023 to 67.8%. Finally, in the first quarter of 2024, homeownership reached 70.5%.
Colorado has had the fifth-highest increase in homeownership since 2020, with a 4.56% increase over the four-year period analyzed. The figure increased from 63.7% in 2020 to 66.6% in 2024.
Indiana ranks sixth for the increase in homeownership, rising by 4.55% over the last four years. In 2024, 71.6% of adults own their homes, up from 71.3% in 2022 and 68.2% in 2020. 2021 had a slight increase compared to the other years analyzed, with 74.4% of residents being homeowners.
Alaska ranks seventh for the increase in homeownership, rising by 4.54% over the last three years. In 2024, 66.7% of adults own their homes, up from 63.8% in 2020. The lowest homeownership reached during this period was 61.8% in 2022.
Tennessee ranks eighth for the increase in homeownership, rising by 4.88% over the last three years. In 2024, 70.9% of adults own their homes, up from 68% in 2023 and 67.4% in 2022. 2021 had a slight increase compared to previous years, with 67.6% of residents being homeowners.
A spokesperson from Moneywise commented, “The shifting patterns in homeownership reflect broader economic trends, with rising home prices and mortgage rates making it more challenging for first-time buyers, while established homeowners continue to benefit from increased property values.”
“As affordability remains a key concern, we are seeing divergent trends—homeownership is on the rise in some regions but declining in others, mainly driven by local market conditions and income disparities.”
