Tennessee’s homeownership decline of 5.1% ranks 10th nationwide

Upper Cumberland – Tennessee home ownership is in decline.

That is according to information found at rubyhome.com. New data has revealed the states where there has been the largest decline in homeownership since 2000. Homeownership in Tennessee has declined to 5.1%. With the state’s average decline sitting at 1.3%, Tennessee’s dwindling rate of homeownership is one of the most drastic nationwide.

Here is a breakdown of those states with dwindling homeownership:

  • Virginia is the state to have the largest decline in homeownership. While in 2000, the homeownership rate sat at 73.9%, it declined over the following decade to 68.7%. Despite increasing to 70.4% in 2020, the rate suffered a sharp decline to 2022 ultimately coming to 67.4%. This makes for a percentage change of 8.8% since 2000*.
  • The second-largest decline has taken place in North Dakota, where a homeownership rate of 70.7% in 2000, has fallen to 65.4%. This equates to a percentage decline of 7.5%.
  • In third, the state of Ohio has suffered a homeownership rate decline of 7.4%. In 2000 the rate sat at 71.3%, above the nationwide average of the time of 69.1%. By 2022 this rate fell to 66%, below the nationwide average of 68%. 
  • In fourth, Connecticut’s 2000 homeownership rate of 70% sank over the proceeding years to one of 64.8% in 2022. This comes in as a percentage decline of 7.4%, the same as that of Ohio. In 2000, North Carolina and Georgia had rates of 71.1% and 69.9% respectively. Having fallen to 65.9% and 64.7%, these states share a percentage decline of 7.3%, the fifth and sixth largest declines nationwide.
  • Despite a homeownership rate that was already below average in 2000, Nevada’s decline from 64% to 60.3% makes for a percentage decline of 5.8%, the seventh largest decrease nationwide. Oklahoma closely shares a percentage decline with Nevada of 5.8%. A rate of 72.7% in 2000, which fell to 68.5%, meaning the state has seen the eighth largest decline in homeownership since 2000.
  • Pennsylvania and Tennessee are the final two states on the list having seen percentage declines in homeownership rates of 5.4% and 5.1% respectively.

“With the general trend since 2000 dictating that the current younger generation are less likely than their parents to ultimately own a home, it’s interesting to see the states who are most susceptible to this phenomenon,” said a spokesman with Ruby Homes. “With this trend seemingly perpetuating, it will be pertinent to see whether these homeownership rates continue to decline or if the states most affected can reverse the trend.

 States with the largest declines in homeownership since 2000:

 StateHomeownership Rate (%) % change since 2000
2North Dakota70.765.47.5
5North Carolina71.165.97.3

Image by zinkevych on Freepik.

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