United States Homeownership Trends: A Case Study for the Top 200 Cities (2010-2022)

In the ever-evolving landscape of the U.S. housing market, understanding the trends in homeownership rates over time can provide great insight into economic health and housing affordability. Over the past twelve years, significant changes have occurred in the housing market, affecting many potential homebuyers.

Strong Growth for Homeownership in These 15 Cities

Changes in homeownership rates can have a lasting effect on a city. Studies show that, on average, each home sale can generate around $124,800 into the local economy. Extending beyond just covering costs related to the transaction (real estate brokerage, financing, inspectors, appraisers) but also home improvements, new furniture, and more. Below are the top 15 metropolitan areas that have been very successful in supporting homeownership in their city.

1. Salisbury, MD-DE Metro Area

Homeownership growth: ▲ 13.31%

At the top of the list is the capital of the Eastern Shore, Salisbury, MD. Recenlty voted best college town for families. In 2010, the homeownership rate in Salisbury, MD stood at 63.89%. After substantial growth over the past 12 years, the most recent data has shown a notable increase, now reaching 77.20% in 2022.

• Population: 439,031
• Median Household Income: $77,655
• Median Home Value: $338,600

2. Upstate, SC (Greenville-Anderson)

Homeownership growth: ▲ 12.94%

Back in 2010, the homeownership rate in Greenville-Anderson, SC was below the national average. Today, Upstate, SC has experienced significant growth, and now standing at 71.44%. It is no surprise, making the list as one of the top 150 best places to live in the US.

• Population: 958,958
• Median Household Income: $65,681
• Median Home Value: $259,600

3. Grand Strand, SC-NC (Myrtle Beach-Conway-North Myrtle Beach)

Homeownership growth: ▲ 8.09%

Third on the list is Myrtle Beach-Conway-North Myrtle Beach, SC-NC. Also known as the Grand Strand because of the 60 uninterrupted miles of beautiful sandy beaches along the coastal region of South Carolina. The homeownership rate in Grand Strand, SC-NC was 70.43% in 2010. It has continued to grow and as of 2022 sitting at 78.52%.

• Population: 536,165
• Median Household Income: $64,741
• Median Home Value: $299,300

4. Visalia, CA Metro Area

Homeownership growth: ▲ 7.56%

In 2010, Visalia, CA had a homeownership rate of 50.93%. This rate has seen a steady increase over 12 years, reaching 58.49% in 2022. However, the city of Visalia, known as the gateway to the Sequoia and Kings Canyon National Parks still has some room to grow to reach the national average.

• Population: 477,544
• Median Household Income: $64,722
• Median Home Value: $320,500

5. Prescott, AZ Metro Area

Homeownership growth: ▲ 6.51%

Fifth on the list, is known as "Everybody's Hometown.” Located just between Phoenix and Flagstaff AZ. The homeownership rate in Prescott, AZ was 68.98% in 2010. By 2022, this rate had increased to 75.49%, reflecting significant growth.

• Population: 246,191
• Median Household Income: $63,936
• Median Home Value: $434,700

6. Huntington-Ashland Metro Area (WV-KY-OH )

Homeownership growth: ▲ 5.95%

Located along the Ohio River, and commonly known as the Tri-State area. Back in 2010, the homeownership rate in Huntington-Ashland, WV-KY-OH was 68.35%, and now sits at 74.30% in 2022.

• Population: 354,304
• Median Household Income: $56,806
• Median Home Value: $155,200

7. Stockton, CA Metro Area

Homeownership growth: ▲ 5.65%

Next on the list is Stockton, CA. Known for its close-knit community, scenic Delta waterfront, and perfect mix of urban and rural living in Old California. In 2010, the homeownership rate in Stockton, CA was recorded at 57.66%. Over 12 years, this rate increased to 63.31% in 2022.

• Population: 793,229
• Median Household Income: $86,056
• Median Home Value: $535,800

8. Eastern Shore, AL (Daphne-Fairhope-Foley)

Homeownership growth: ▲ 5.34%

Known as a sportsman paradise with year-round golfing, boating, and fishing, Eastern Shore also has a charming downtown, scenic nature trails, and beautiful sunsets over Mobile Bay. The homeownership rate in Eastern Shore, AL (Daphne-Fairhope-Foley) was 71.76% in 2010. It has since grown, reaching 77.10% by 2022.

• Population: 246,435
• Median Household Income: $69,914
• Median Home Value: $304,600

9. Greeley, CO Metro Area

Homeownership growth: ▲ 5.21%

In 2010, the homeownership rate in Greeley, CO was 71.69%. Primarily known as an agricultural development, Greeley has continued to grow as more and more call this city home. By 2022, the homeownership rate has risen to 76.90%.

• Population: 350,176
• Median Household Income: $91,565
• Median Home Value: $456,100

10. Treasure Valley, ID (Boise City)

Homeownership growth: ▲ 5.18%

From the remote Owyhee Mountains and expanding vineyards to family-run farms and growing metropolitan areas surrounded by national forests. The homeownership rate in Treasure Valley, ID (Boise City) was 68.19% in 2010. This rate has grown over 12 years, with the latest data from 2022 showing it at 73.37%.

• Population: 813,801
• Median Household Income: $80,928
• Median Home Value: $486,500

11. Lowcountry, SC (Charleston-North Charleston)

Homeownership growth: ▲ 4.78%

With many recreational activities to enjoy in Charleston-North Charlestown, from fishing, sailing, and golfing, Lowcountry, SC also has rich historic sites and cultural landmarks. In 2010, the homeownership rate for Lowcountry, SC (Charleston-North Charleston) was 65.42%. Over 12 years, it increased to 70.20% in 2022.

• Population: 830,529
• Median Household Income: $78,927
• Median Home Value: $363,000

12. Kitsap Peninsula, WA (Bremerton-Silverdale-Port Orchard)

Homeownership growth: ▲ 4.77%

Known as the natural side of Puget Sound, Kitsap Peninsula offers nearly 300 miles of shoreline, world-class kayaking, cycling, and hiking, and many marinas. The homeownership rate in Kitsap Peninsula, WA (Bremerton-Silverdale-Port Orchard) was 65.32% in 2010. This rate has since increased, reaching 70.09% in 2022.

• Population: 277,673
• Median Household Income: $94,775
• Median Home Value: $538,400

13. Town of Barnstable, MA

Homeownership growth: ▲ 4.7%

Spanning 60 square miles, the Town of Barnstable features seven unique villages bordered by Cape Cod Bay and Nantucket Sound. Back in 2010, the homeownership rate in Barnstable Town, MA was 77.46%. By 2022, this rate had grown to 82.16%. Topping the list for the highest homeownership rate overall out of the 200 cities.

• Population: 232,457
• Median Household Income: $91,438
• Median Home Value: $631,000

14. Port St. Lucie, FL Metro Area

Homeownership growth: ▲ 4.65%

Located along Florida's Treasure Coast between Miami and Orlando, Port St. Lucie, offers a relaxed atmosphere with clean streets, quiet neighborhoods, and scenic waterways. Back in 2010, the homeownership rate in Port St. Lucie, FL was 75.63%. By 2022, this rate had grown to 80.28%. Which is second on the list for the overall highest homeownership rate.

• Population: 520,710
• Median Household Income: $68,460
• Median Home Value: $363,600

15. Albuquerque, NM Metro Area

Homeownership growth: ▲ 4.41%

From a vibrant arts scene to delicious Southwestern cuisine, and an annual Balloon Fiesta. Albuquerque, NM sits against the backdrop of the Sandia Mountains and has continued to grow. In 2010, the homeownership rate in Albuquerque, NM was 66.81%. Over 12 years, it increased to 71.22% in 2022.

• Population: 923,925
• Median Household Income: $66,392
• Median Home Value: $281,600

Metro Areas that saw the worst decline in Homeownership

One common, and growing trend homebuyers seem to struggle with is affordability. This could be one reason why many cities have experienced little to no change in homeownership rates.

Below is a list of the 15 metro areas that came in at the bottom of the list, having the largest decline in homeownership rate over the last 12 years.

185. Fort Collins-Loveland, CO Metro Area

Homeownership decline: ▼ 2.75%

In 2010, the homeownership rate in Fort Collins-Loveland, CO was 66.71%. By 2022, this rate had decreased to 63.96%.

• Population: 366,778
• Median Household Income: $88,403
• Median Home Value: $540,400

186. Lehigh Valley, PA-NJ (Allentown-Bethlehem-Easton)

Homeownership decline: ▼ 2.81%

In 2010, the homeownership rate in Lehigh Valley, PA-NJ (Allentown-Bethlehem-Easton) was 71.90%. By 2022, this rate had decreased to 69.09%.

• Population: 871,229
• Median Household Income: $76,041
• Median Home Value: $288,500

187. Springfield, MO Metro Area

Homeownership decline: ▼ 2.92%

In 2010, the homeownership rate in Springfield, MO was 65.45%. By 2022, this rate had decreased to 62.53%.

• Population: 484,613
• Median Household Income: $57,822
• Median Home Value: $223,900

188. Oklahoma City Metro Area

Homeownership decline: ▼ 2.94%

In 2010, the homeownership rate in Oklahoma City was 66.19%. By 2022, this rate had decreased to 63.25%.

• Population: 1,459,380
• Median Household Income: $66,301
• Median Home Value: $224,400

189. Harrisburg-Carlisle, PA Metro Area

Homeownership decline: ▼ 3.04%

In 2010, the homeownership rate in Harrisburg-Carlisle, PA was 70.23%. By 2022, this rate had decreased to 67.19%.

• Population: 603,493
• Median Household Income: $73,739
• Median Home Value: $237,800

190. Greater Orlando, FL (Orlando-Kissimmee-Sanford)

Homeownership decline: ▼ 3.07%

In 2010, the homeownership rate in Greater Orlando, FL (Orlando-Kissimmee-Sanford) was 65.0%. By 2022, this rate had decreased to 61.93%.

• Population: 2,764,182
• Median Household Income: $71,857
• Median Home Value: $361,100

191. Tuscaloosa, AL Metro Area

Homeownership decline: ▼ 3.13%

In 2010, the homeownership rate in Tuscaloosa, AL was 66.49%. By 2022, this rate had decreased to 63.36%.

• Population: 277,274
• Median Household Income: $58,620
• Median Home Value: $237,300

192. Atlantic County, NJ (Atlantic City-Hammonton)

Homeownership decline: ▼ 3.39%

In 2010, the homeownership rate in Atlantic County, NJ (Atlantic City-Hammonton) was 73.44%. By 2022, this rate had decreased to 70.05%.

• Population: 275,638
• Median Household Income: $77,248
• Median Home Value: $289,200

193. Lubbock, TX Metro Area

Homeownership decline: ▼ 3.62%

In 2010, the homeownership rate in Lubbock, TX was 57.98%. By 2022, this rate had decreased to 54.36%.

• Population: 328,173
• Median Household Income: $59,228
• Median Home Value: $204,600

194. Trenton-Princeton, NJ Metro Area

Homeownership decline: ▼ 3.82%

In 2010, the homeownership rate in Trenton-Princeton, NJ was 67.54%. By 2022, this rate had decreased to 63.72%.

• Population: 380,688
• Median Household Income: $95,668
• Median Home Value: $345,800

195. Fort Smith, AR-OK Metro Area

Homeownership decline: ▼ 3.99%

In 2010, the homeownership rate in Fort Smith, AR-OK was 70.35%. By 2022, this rate had decreased to 66.36%.

• Population: 246,751
• Median Household Income: $49,980
• Median Home Value: $167,000

196. Greater Miami Area, FL (Miami-Fort Lauderdale-Pompano Beach)

Homeownership decline: ▼ 4.14%

In 2010, the homeownership rate in Miami-Fort Lauderdale-Pompano Beach, FL was 64.01%. By 2022, this rate had decreased to 59.87%.

• Population: 6,139,340
• Median Household Income: $70,769
• Median Home Value: $429,800

197. Binghamton, NY Metro Area

Homeownership decline: ▼ 4.15%

In 2010, the homeownership rate in Binghamton, NY was 70.22%. By 2022, this rate had decreased to 66.07%.

• Population: 244,889
• Median Household Income: $63,427
• Median Home Value: $149,300

198. Kalamazoo-Portage, MI Metro Area

Homeownership decline: ▼ 4.37%

In 2010, the homeownership rate in Kalamazoo-Portage, MI was 67.98%. By 2022, this rate had decreased to 63.61%.

• Population: 261,173
• Median Household Income: $69,584
• Median Home Value: $236,300

199. Charleston, WV Metro Area

Homeownership decline: ▼ 5.72%

In 2010, the homeownership rate in Charleston, WV was 74.65%. By 2022, this rate had decreased to 68.93%.

• Population: 250,554
• Median Household Income: $53,157
• Median Home Value: $128,400

200. Santa Barbara County, CA (Santa Maria-Santa Barbara)

Homeownership decline: ▼ 6.54%

In 2010, the homeownership rate in Santa Maria-Santa Barbara, CA was 57.3%. By 2022, this rate had decreased to 50.76%.

• Population: 448,229
• Median Household Income: $90,894
• Median Home Value: $744,700

Conclusion

Our case study of homeownership rates from 2010 to 2022 offers interesting insights into the diverse landscape of the U.S. housing market. The data reveals significant changes in homeownership trends across the different metropolitan areas. Highlighting both remarkable growth in some areas and concerning declines in others. Understanding these patterns can be helpful for government officials, city developers, and industry leaders to address the needs and struggles of potential homeowners. By identifying the factors driving these changes can help improve housing affordability, and support homeownership across the country. 

Methodology

We used U.S. Census Bureau data from 2010 and 2022 for all metropolitan areas, focusing on the 200 largest cities by population. Homeownership rates were calculated by dividing the owner-occupied units by total occupied units and then multiplying by 100. We compared these rates between 2010 and 2022 to identify changes and ranked the cities based on their performance, highlighting those with the most significant growth or decline. The study provides insights into homeownership trends in major U.S. cities.