By Ethan Faverino |

While homeownership rates have remained stubbornly flat or declined in many parts of the country, Arizona has beaten the trend with one of the strongest increases in the nation, according to a new decade-long study by the New Jersey Real Estate Network.

The analysis is based on U.S. Census Bureau data tracking changes in owner-occupied housing units across all 50 states between 2014 and 2024, providing a long-term view of homeownership trends beyond short-term market fluctuations.

Arizona posted a 7.79% increase in the percentage of owner-occupied homes over that period, landing the Grand Canyon State at No. 5 nationwide for homeownership growth—the only Southwestern state besides New Mexico and Nevada to crack the top five.

New Mexico ranks first among the states with the greatest growth in homeownership, posting an 11.42% increase. Nevada follows at 9.22%, with Virginia (7.99%), Maine (7.83%), and Arizona (7.79%) rounding out the top five.

The gains in Arizona and its fast-growing neighborhoods reflect a combination of strong population growth, job creation in tech and healthcare, and relatively affordable entry-level housing compared to coastal markets—even as prices have risen sharply in recent years.

At the opposite end of the spectrum, several states saw significant drops in the share of residents who own their homes.

The states recording the steepest drops in homeownership include South Carolina (−7.56%), North Carolina (−5.79%), Michigan (−5.01%), Oklahoma (−4.96%), and Alaska (−4.20%).

“While many states saw peak homeownership rates in 2020, followed by slight decreases in recent years, this could reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes,” said the New Jersey Real Estate Network spokesman.

Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.