West Virginia has the highest homeownership rate at 77%

As of 2024, about 65.7% of U.S. households own their homes, with the remaining households renting. Homeownership rates differ significantly across states and between urban, suburban, and rural areas. These differences reflect factors like affordability, housing availability, and local economies. West Virginia has the highest homeownership rate in 2023 at 77%. Its affordability contributes to this high rate, as the state has some of the lowest median home sale prices in the country. Additionally, West Virginia's rural landscape allows for more available housing compared to crowded urban areas. On the other hand, states like Hawaii, California, and New York have the lowest homeownership rates. These states experience high home prices and price-to-income ratios, making it harder for residents to buy homes. Urban centers in these states face greater demand and often have more renters due to job opportunities and living preferences. Overall, while affordability is a key factor, homeownership rates are also influenced by housing supply, economic conditions, and regional job markets.