New York State has the lowest homeownership rate in the nation, according
to census data, MSNBC reported. The homeownership rate in the
Empire State is 53.3 percent, compared with the highest rate of 73.4
percent in West Virginia. The median home value in New York is $306,000,
the sixth highest in the country. In contrast to the rest of the country, in New York City, for example, an unusually large
proportion of households, 69 percent, are renters. As The Real Deal previously reported, NakedApartments.com visualized that statistic and similar ones in a graphic showcasing unique features of the rental market.
The New York trend fits into a larger national picture where
homeownership is high in thinly populated states with low home prices,
and is low in states with expensive homes and large cities.
In the last decade, homeownership in the U.S. dropped the most since
1940. The collapse of the subprime mortgage market is hindering home
purchases for many Americans in the near future. And particularly in
cities, people have opportunities to rent not available in suburban
and rural areas. [MSNBC]