Reported about 1 year ago
The article discusses how states with high homeownership rates often have lower personal income levels, with West Virginia cited as an example. Despite its second-lowest personal income in the US, West Virginia boasts the highest homeownership rate at 77%. Factors like demographics, competition for homes, and strict zoning regulations influence real estate costs. Conversely, states like New York, California, and Massachusetts with higher personal income levels have lower homeownership rates due to factors like urbanization, attracting a younger and more mobile population, leading to increased home prices. The US is facing a home affordability crisis despite high homeownership rates in some states.
Source: YAHOO