10 Cities With the Smallest and Largest Homeownership Growth

Homeownership has become a bit of a pipe dream in the eyes of millennials and Gen Zers, but some are managing to make it a reality. It all depends on the market you’re looking to buy in. You might have the capital but could be in the wrong location.

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In June 2024, Garretts Real Estate Group released an article that compared Census statistics from 12 years ago to show which U.S. cities have seen the most growth when it comes to homeownership, and which cities are experiencing a decline. One key finding they highlighted is that almost half of the largest cities in the United States have seen a decrease in homeownership rates.

Keep reading for a closer look at their findings and see in which cities you should (and shouldn’t) own a home.

Cities with the Biggest Homeownership Decrease

1. Santa Barbara County, California (Santa Maria-Santa Barbara)

• Homeownership Decline: 6.5%

According to the study, Santa Barbara County saw the largest decline in homeownership. In 2010, the homeownership rate was 57.3% and by 2022 it was 50.76%.

The average price of a home in Santa Barbara is currently $1,839,580 according to Zillow, so it makes a little sense why fewer people have been able to afford a home in the area. Santa Maria is currently slightly more affordable, with the average price of a home being $626,351.

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2. Charleston, West Virginia Metro Area

• Homeownership Decline: 5.72%

Charleston is the biggest city in the state of West Virginia, and recently, it’s seen a big decline in homeownership.

In 2010, the homeownership rate was up to 74.65%, but by 2022, it was down to 68.93%. According to Zillow, the average price of a home in Charleston is currently $156,138.

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3. (tie) Kalamazoo-Portage, Michigan Metro Area

• Homeownership Decline: 4.37%

In 2010, this area’s homeownership rate was 67.98%. Just twelve years later, it was down to 63.61%.

The average price of a home in Kalamazoo is $233,750, which is up 5.3% since last year according to Zillow.

3. (tie) Binghamton, New York Metro Area

• Homeownership Decline: 4.37%

You might have heard of Binghamton because of its zoo, which houses big cats and other creatures. Homeownership, however, has fallen.

In 2010, the city had a healthy 70.22% homeownership rate. By 2022, that had dropped to 66.07%. And right now, the average price of a home in Binghamton is $172,502.

5. Greater Miami Area, Florida (Miami-Fort Lauderdale-Pompano Beach)

• Homeownership Decline: 4.14%

The Magic City has lost some of the magic when it comes to homeownership. In 2010, the homeownership rate was 64.01%. By 2022, that had slipped to 64.01%.

The average price of a home in Miami has gone up 8% since last year, sitting at $587,252.

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Cities with the Biggest Homeownership Increase 1. Salisbury, Maryland-Delaware Metro Area

• Homeownership Growth: 13.31%

Out of 200 cities, Salisbury saw the largest increase in homeownership. In 2010, the rate of homeownership in the area was 63.89%, and by 2022, that had grown to 77.20%.

The average price of a home in Salisbury is $255,792, which is 7.6% higher than it was last year.

2. Upstate, South Carolina (Greenville-Anderson)

• Homeownership Growth: 12.94%

Not far behind the Salisbury area was the Greenville and Anderson regions of South Carolina. In 2022, the homeownership rate was up to 71.44%.

Garretts Realty also points out that Greenville was ranked #4 on U.S. News’s 2024 Best Places to Live. One of the reasons might be attainable homeownership.

3. Grand Strand, South Carolina-North Carolina (Myrtle Beach-Conway-North Myrtle Beach)

• Homeownership Growth: 8.09%

What makes the Strand so Grand? It gets its name for the 60 uninterrupted miles of beaches along the coastal region of South Carolina.

It’s no wonder that people have been wanting to move to such an idyllic area. In 2010, the homeownership rate for the area was 70.43%. Within only 12 years, it had grown to 78.52%.

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4. Visalia, California Metro Area

• Homeownership Growth: 7.56%

This city in the San Joaquin Valley of California has seen some significant homeownership growth since 2010. Back then, the homeownership rate was 50.93%. By 2022, it reached 58.49%.

The average price of a home now in Visalia is $386,300.

5. Prescott, Arizona Metro Area

• Homeownership Growth: 6.51%

Prescott is known for its historic landmarks and lively music scene. In 2010, the city had a homeownership rate of 68.98%, and by 2022, it was 75.49%.

This is in spite of the average home price being well above the national average at $606,978.

All housing prices are sourced via Zillow unless otherwise specified and are accurate as of Aug. 28, 2024.

This article originally appeared on GOBankingRates.com : 10 Cities With the Smallest and Largest Homeownership Growth