25 States Where Home Ownership Changed as Home Prices Increased

Gabrielle Olya

5 April 2024 at 8:00 am·5-min read

Although home prices have rapidly increased, homeownership rates have also slightly increased in the U.S. over the past five years. In 2018, the median home list price in the U.S. was $255,200 and the homeownership rate was 64.8%, according to Zoocasa. In 2023, the median home list price increased by 50% to $382,600, yet the homeownership rate still increased to 65.7%.

While homeownership rates have been trending upward nationally, they have declined in certain states as home prices soared. To find how the homeownership rate has changed on a state level over the past five years, Zoocasa analyzed median home price data and homeownership rates in 26 states and districts from 2018 to 2023. Some states were excluded from the analysis because sufficient median home price data could not be found.

Here’s how homeownership rates have changed amid rising home prices in these states, ranked from largest decrease to largest increase.

Utah

2018 median home price: $299,900
2023 median home price: $473,880
% change in homeownership rate: -7.5%

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Colorado

2018 median home price: $376,450
2023 median home price: $549,950
% change in homeownership rate: -5.4%

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Missouri

2018 median home price: $159,500
2023 median home price: $235,00
% change in homeownership rate: -5.1%

New Jersey

2018 median home price: $305,000
2023 median home price: $515,000
% change in homeownership rate: -5%

Wisconsin

2018 median home price: $179,000
2023 median home price: $217,000
% change in homeownership rate: -4.1%

Maine

2018 median home price: $217,000
2023 median home price: $360,000
% change in homeownership rate: -3.8%

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Ohio

2018 median home price: $180,284
2023 median home price: $265,828
% change in homeownership rate: -2.7%

New York

2018 median home price: $272,043
2023 median home price: $380,000
% change in homeownership rate: -2.1%

District of Columbia

2018 median home price: $599,000
2023 median home price: $635,000
% change in homeownership rate: -1.3%

Texas

2018 median home price: $235,000
2023 median home price: $340,000
% change in homeownership rate: -0.2%

California

2018 median home price: $557,740
2023 median home price: $819,740
% change in homeownership rate: 0%

New Hampshire

2018 median home price: $267,400
2023 median home price: $460,750
% change in homeownership rate: 0.6%

Florida

2018 median home price: $249,900
2023 median home price: $410,000
% change in homeownership rate: 0.9%

Illinois

2018 median home price: $186,260
2023 median home price: $255,000
% change in homeownership rate: 1.5%

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Michigan

2018 median home price: $175,013
2023 median home price: $281,186
% change in homeownership rate: 1.5%

Iowa

2018 median home price: $152,500
2023 median home price: $215,000
% change in homeownership rate: 1.6%

South Carolina

2018 median home price: $206,425
2023 median home price: $324,900
% change in homeownership rate: 1.8%

Pennsylvania

2018 median home price: $140,000
2023 median home price: $213,699
% change in homeownership rate: 2.1%

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Massachusetts

2018 median home price: $375,000
2023 median home price: $575,000
% change in homeownership rate: 2.8%

Kansas

2018 median home price: $255,268
2023 median home price: $292,182
% change in homeownership rate: 3.8%

Georgia

2018 median home price: $215,000
2023 median home price: $340,000
% change in homeownership rate: 4.1%

Minnesota

2018 median home price: $234,900
2023 median home price: $315,000
% change in homeownership rate: 4.5%

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New Mexico

2018 median home price: $204,000
2023 median home price: $326,950
% change in homeownership rate: 4.9%

Vermont

2018 median home price: $230,053
2023 median home price: $380,000
% change in homeownership rate: 6.7%

Maryland

2018 median home price: $284,000
2023 median home price: $399,900
% change in homeownership rate: 10.1%

Tennessee

2018 median home price: $230,000
2023 median home price: $278,947
% change in homeownership rate: 11.4%

Data is sourced from Zoocasa and is accurate as of Feb. 8, 2024.

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This article originally appeared on GOBankingRates.com: 25 States Where Home Ownership Changed as Home Prices Increased

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