Us homeownership in decline

The latest US Census stats show that homeownership fell during the recession, with rates dipping across the country between 2007 and 2010. The decrease during those three years ranged from 0.4 per cent in Westchester County, N.Y., to 4.7 percent in Maricopa County, Arizona. Of the least populous areas, Warren County saw homeownership slide 9.5 per cent and Gonzales County drop 8.5 per cent.

Since the recession, though, homeownership has continued to fall. Between 2010 to 2012, it declined by 1.7 per cent to 64.7 per cent from the previous three-year period.

The District of Columbia had the lowest homeownership rate at 41.6 percent followed by New York at 53.9 percent. West Virginia had the highest homeownership rate (72.9 percent) and lowest median home value ($98,300), while Hawaii had the highest median home value ($503,100) in 2010-2012.

Only nine states did not show a significant Change in homeownership rates between the recession and post-recession periods; all other states had lower homeownership rates.