AdvisorSmith Finds the States and Cities with the Highest Homeownership Rates

NEW YORK - March 29, 2021 - PRLog -- AdvisorSmith, a leading resource for small business and economic research, produced its newest study where they examined all 50 states, the District of Columbia, and the 75 largest metropolitan areas to find the states and cities with the highest and lowest homeownership rates.

To find the top cities and states, AdvisorSmith used the U.S. Census Bureau's homeownership rate data, which reports the percentage of homeowner-occupied housing units over the total number of housing units in each city or state. They calculated the homeownership rate to find the percentage of homeownership in each state, the District of Columbia, and the 75 metropolitan cities.

The study also included Zillow Home Value Index data that provides information about the value of a home in each city. For each state and city, AdvisorSmith had the typical home value at the end of 2020.

The research found that nationwide, an average of 66.6% of homes were owner-occupied during 2020. Also, the typical home in the U.S. was valued at $266,222 at the end of 2020.

AdvisorSmith ranked the states and cities by the highest and lowest homeownership rates.

The state with the highest homeownership rate was West Virginia. The homeownership rate in West Virginia was 78.2%, and the typical home price was $112,902.

The state with the lowest homeownership rate was Washington D.C. Only 42.5% of residents in Washington D.C. are homeowners, and the average price for a home is $671,963.

The city with the highest homeownership rate was Cape Coral, FL. The homeownership rate in Cape Coral is 77.5%, and the average home price is $256,354.

The city with the lowest homeownership rate was Los Angeles, CA. Only 48.5% of Los Angeles residents own a home, and the typical home value is $741,757.

To view the complete study, please visit https://advisorsmith.com/data/states-and-cities-with-the-highest-homeownership-rates.

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.