BISMARCK, ND ( KXNET ) — For many residents of the United States, owning a home is an important part of what we consider to be the American Dream — but the rising cost of living across the world (and especially in our country) makes this endeavor far more difficult than it once was. Despite these concerns, numbers from the previous decade suggest that the ownership rate in North Dakota is actually increasing over time.

As part of a study of housing vacancies and ownership in the United States, Agent Advice utilized government census data to discover which states have experienced the largest increase in homeownership from 2014 to 2023. Upon reviewing this information, it can be observed that North Dakota’s rates are on the rise to an incredible degree, and in fact one of the highest in the nation.

Over the last nine years, North Dakotans have seen a 12.05% total increase in the number of homeowners in the state — the second-highest rise in the nation. In contrast, states like New York, Colorado, and New Jersey have seen slight to small drops in their overall rates of ownership, which one can assume is due to the rising cost of living in larger cities like Denver or NYC.

“ The vast majority of states experienced an increase in homeownership rates from 2014 to 2023,” suggesting that more and more people are interested in owning their homes instead of renting. Additionally, the percentage change of the states with the most considerable homeownership increase is more significant than those with the biggest decrease. The top nine states increased by more important values than the bottom states decreased by, further demonstrating the rising popularity of homeownership.  Overall, the South saw the biggest increase in homeownership, with an average rate increase of 3.94%. This could potentially be due to the region’s affordability and vast natural beauty, which make it appealing to budding homeowners.  On the other hand, the Northeast had the smallest rise in homeownership with an average increase of just 0.75% – likely due to the region’s notoriously high expenses.”

Real Estate can be a complex market to navigate, but KX can help by providing expert advice from a local professional. For more information about homes in North Dakota, visit Studio 701’s multiple ‘Real Estate with Jeff’ columns.

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