LOUISVILLE, Ky. — If you're interested in becoming a homeowner, you may find it easier to buy a home in some states rather than others.
Over the last ten years, Kentucky has seen the fourth largest jump in homeownership among the U.S. states, according to research from Agent Advice.
The homeownership rate in Kentucky has increased by 9.55% in the last decade. The Commonwealth reported a 66% homeownership rate in 2014, which rose to 72.3% in 2023.
Real estate experts at Agent Advice cite Kentucky's "southern charm" and "affordable housing selection" as likely reasons for its growing popularity among homeowners.
“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," a spokesperson for Agent Advice said.
“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."
Maryland clinched the top spot with a 12.15% increase in homeownership in the last 10 years. Agent Advice believes this could be due to a strong job market and lower mortgage rates, making Maryland's housing market one of the most accessible.
On the other end of the spectrum, New Jersey saw the biggest decrease in homeownership, with –5.47%. Factors such as high property taxes and an expensive housing market are contributing to a shift towards renting in New Jersey, Agent Advice researchers said.
