The decline of American homeownership: Study reveals which states have seen the steepest decline in property owners since 2000Virginia has suffered biggest drop in homeownership since 2000, study shows It was followed by California, North Dakota, Ohio and ConnecticutStudy comes as mortgage rates hit 7.5 percent for the first time since 2000
Owning a home was once considered a staple of achieving the American dream. But for residents in Virginia that dream is fading fast.
The Old Dominion state has suffered the largest decline in homeownership across the US since 2000, according to a new report.
Some 67.4 percent of Virginians had their own property in 2022, down from 73.9 percent at the start of the millennium.
Overall the number of owners dropped by 8.8 percent – the steepest slump of any US state, figures from California platform RubyHome Luxury Real Estate show.
Of those listed, Nevada had the lowest proportion of homeowners with only 64 percent of residents in the state having their own property.
The research was compiled using figures from the U.S Census Bureau.
Experts commented the figures pointed to a downward trend across the US that showed younger generations were far less likely to own a home than their parents.
A RubyHome spokesman said: ‘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.
‘It will be pertinent to see whether these