As North Carolina’s urban metros boom, and a steady wave of young “forever renters” flood our state, we are seeing the percentage of home renters to home owners skyrocket.
According to data from the US Census, homeownership percentages have fallen in all states since the turn of the millennium, but some of the steepest drops are occurring in the southern boom states.
In 2000, North Carolina had a homeownership rate of 71.1%. Having fallen to 65.9% in 2022, there was a percentage decline of 7.3%*.
With the average state decline sitting at 1.3%, North Carolina’s dwindling rate of homeownership is the fifth most drastic nationwide.
Virginia is the state to have the largest decline in homeownership. While in 2000, the homeownership rate sat at 73.9%, it declined over the following decade to 68.7%. Despite increasing to 70.4% in 2020, the rate suffered a sharp decline to 2022 ultimately coming to 67.4%. This makes for a percentage change of 8.8% since 2000.
The second-largest decline has taken place in North Dakota, where a homeownership rate of 70.7% in 2000, has fallen to 65.4%. This equates to a percentage decline of 7.5%.
In third, the state of Ohio has suffered a homeownership rate decline of 7.4%. In 2000 the rate sat at 71.3%, above the nationwide average of the time of 69.1%. By 2022 this rate fell to 66%, below the nationwide average of 68%.
In fourth, Connecticut’s 2000 homeownership rate of 70% sank over the proceeding years to one of 64.8% in 2022. This comes in as a percentage decline of 7.4%, the same as that of Ohio.
In 2000, North Carolina and Georgia had rates of 71.1% and 69.9% respectively. Having fallen to 65.9% and 64.7%, these states share a percentage decline of 7.3%, the fifth and sixth largest declines nationwide.
Despite a homeownership rate that was already below average in 2000, Nevada’s decline from 64% to 60.3% makes for a percentage decline of 5.8%, the seventh largest decrease nationwide.
Oklahoma closely shares a percentage decline with Nevada of 5.8%. A rate of 72.7% in 2000, which fell to 68.5%, meaning the state has seen the eighth largest decline in homeownership since 2000.
Pennsylvania and Tennessee are the final two states on the list having seen percentage declines in homeownership rates of 5.4% and 5.1% respectively.
States with the largest declines in homeownership since 2000:
| State | Homeownership Rate (%) | % change since 2000 | ||
| 2000 | 2022 | |||
| 1 | Virginia | 73.9 | 67.4 | 8.8 |
| 2 | North Dakota | 70.7 | 65.4 | 7.5 |
| 3 | Ohio | 71.3 | 66.0 | 7.4 |
| 4 | Connecticut | 70.0 | 64.8 | 7.4 |
| 5 | North Carolina | 71.1 | 65.9 | 7.3 |
| 6 | Georgia | 69.8 | 64.7 | 7.3 |
| 7 | Nevada | 64.0 | 60.3 | 5.8 |
| 8 | Oklahoma | 72.7 | 68.5 | 5.8 |
| 9 | Pennsylvania | 74.7 | 70.7 | 5.4 |
| 10 | Tennessee | 70.9 | 67.3 | 5.1 |
