Staff Writer
Florida has emerged as one of the top states for homeownership growth in the United States over the past ten years. According to new research conducted by Eden Emerald Mortgages, the Sunshine State tied for fifth in the nation for the largest increase in homeownership rates from 2014 to 2024. Florida’s rate rose from 64.9% in 2014 to 68.5% in 2024—a 3.6 percentage point gain—matching the growth seen in West Virginia.
The study, which analyzed data from the U.S. Census Bureau’s Current Population Survey/Housing Vacancy Survey, compared homeownership rates from each quarter of 2014 and 2024 to determine decade-long trends across all 50 states. Homeownership rate is defined as the percentage of occupied housing units that are owner-occupied, and it remains a key indicator of economic stability and housing affordability.
Florida’s gains reflect broader trends in population growth, housing demand, and economic expansion. The state continues to attract new residents due to its climate, job opportunities, and lack of state income tax, all of which contribute to increasing homeownership opportunities. While Florida’s rate is not the highest in the country, the steady rise over the past decade positions it among the most improved states for homeownership access.
Leading the nation in homeownership growth is Arizona, which saw a 5.6 percentage point increase—from 63.5% in 2014 to 69.1% in 2024. Arizona reached its highest point in the third quarter of 2023, when the rate spiked to 71.3%. Nevada followed closely behind with a 5.5 percentage point rise, climbing from 55.9% to 61.5%. Montana and New Mexico also posted significant increases of 5.0 and 4.2 percentage points, respectively.
Florida and West Virginia round out the top five, each with a 3.6-point increase. While Florida’s homeownership rate reached 68.5%, West Virginia now holds the highest overall homeownership rate in the country at 79.2%, up from 75.6% a decade ago.
Not all states have experienced positive growth. Utah recorded the largest decrease in homeownership, dropping 2.6 percentage points from 70.9% in 2014 to 68.3% in 2024. Oklahoma and New Jersey followed, with declines of 2.5 and 2.2 points, respectively. Other states seeing notable declines include North Carolina (‑1.9 points) and South Carolina (‑1.6 points). These decreases reflect a range of factors, from affordability challenges and rising property prices to shifts in housing preferences.
Despite national efforts to improve housing accessibility, states like New York and California continue to report some of the lowest homeownership rates in the country. New York’s rate now sits at just 52.7%, while California has seen only a modest increase to 55.3%. In contrast, states like Mississippi (75.9%) and Delaware (75.2%) remain among those with the highest ownership rates.
Shaun Bettman, CEO of Eden Emerald Mortgages, commented on the findings, emphasizing the growing disparity between states: “What should be noted is the staggering difference in homeownership rates in different parts of the country, with New York sitting as low as 52.7%, compared to areas like West Virginia, at nearly 80%. Across the country, homeownership rates have dropped on average since the 2000s, but post-COVID, this national average is on the rise. Despite this, it’s still falling in many states, and whether these trends continue is what will shape the US housing market for years to come.”
As Florida continues to experience growth in homeownership, the data suggests the state remains an increasingly attractive option for those looking to buy a home. With sustained economic development and an influx of new residents, Florida’s housing market shows strong potential for continued expansion in the coming years.
Source: https://www.eemortgagebroker.com.au/
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