PORTSMOUTH, Va. (WAVY) — Virginia has seen the largest percentage drop in homeownership among states since 2000, according to a new study by RubyHome Luxury Real Estate.
In 2000, the homeownership rate in Virginia was 73.9%. Over the following decade, that number decreased to 68.7%.
Despite seeing an increase in 2020 to 70.4%, the rate saw a sharp decline in 2022, coming to 67.4%.
With the average state decline being 1.3%, Virginia’s rate of homeownership is the most drastic nationwide, according to the release. It has declined by 8% since 2000.
The second-largest decline was in North Dakota, as homeownership rate went from 70.7% to 65.4% — a decline of 7.5%.
States with the largest declines in homeownership since 2000:
“With the general trend since 2000 dictating that the current younger generation are less likely than their parents to ultimately own a home, it’s interesting to see the states who are most susceptible to this phenomenon,” a spokesperson from RubyHome Luxury Real Estate said, in a release. “It will be pertinent to see whether these homeownership rates continue to decline or if the states most affected can reverse the trend.”
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