Homeownership, long viewed as a cornerstone of American economic security, remains stubbornly out of reach in New York State.
By the end of 2024, the Empire State posted the lowest homeownership rate in the country, with just 51.3% of residents owning their homes, according to a new analysis based on US Census Bureau data.
The report places New York at the bottom of a national ranking and highlights how sharply the state diverges from much of the rest of the country, where owning a home remains the norm rather than the exception.
The study, conducted by Stage Properties Brokers LLC, tracked quarterly homeownership trends across all 50 states throughout 2024, using the most recent full year of available data.
Rankings were determined by the share of each state’s population that owned a home in the fourth quarter that year, capturing not only where states ended the year but also how ownership levels shifted over time.
In New York’s case, the trajectory was flat to down, reinforcing the state’s long-standing reputation as a renter-heavy market dominated by high prices, limited inventory and dense urban housing stock, particularly in New York City.
“The state continues to struggle with property prices that far outpace local income growth, especially in and around New York City,” Ghassan Saliba, CEO of Stage Properties Brokers LLC, told The Post in a statement.
“Intense competition in densely populated markets, along with a severe shortage of housing, has made it increasingly difficult for would-be buyers to gain a presence in the housing market,” he said. “As a result, many residents are remaining in the rental sector for longer, not by choice, but because the financial barriers to ownership are simply too high.”
New York was not alone in its struggle.
The Northeast accounted for a disproportionate share of states at the bottom of the rankings, with Massachusetts, New Jersey and Rhode Island also landing among the 10 lowest.
Massachusetts, for instance, saw one of the steepest drops of any state during the year, while New Jersey experienced notable volatility, peaking midyear before sliding back. The pattern points to a regional challenge, where high land costs, strict zoning and competition from investors have combined to keep ownership rates suppressed.
North Carolina — a popular COVID-era destination — also rounded the top states with the lowest rate of homeownership, with a homeownership rate of just 65.7%.
Elsewhere in the country, the picture looked markedly different.
West Virginia topped the national list, with 80.5% of residents owning their homes by the end of 2024 — meaning more than four in five households were homeowners.
Several Midwestern and Southern states also posted strong showings, with Michigan and Mississippi tied for second place and ownership rates comfortably above 75%.
In those markets, lower housing costs, less population pressure and more abundant single-family housing have helped sustain ownership even amid elevated mortgage rates.
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