- Illinois reported a 3.92% percentage rise in homeownership between 2014 and 2024.
- Illinois’ homeownership rate is at its highest over the last decade, at 69%.
- The homeownership rate in Illinois was at its lowest over the past 10 years in 2019, at 63.4%.
New research has revealed how Illinois homeownership rates have changed in the last 10 years.
The study, conducted by the real estate site New Jersey Real Estate Network, analyzed US Census Bureau data from 2014 to 2024 on the percentage of homeowners in Illinois to see if the state’s homeownership rate had increased over the past decade.
The most recent figure for 2024 shows that the homeownership rate sits at 69%.
In 2014, the percentage of homeowners was considerably lower at 66.4% and was at its lowest in 2019 at 63.4%.
Since 2020, homeownership in Illinois has been at 66.1% or above.
Illinois ranked by homeownership rate (2014 to 2024)
The study also analyzed homeownership rates across the US to determine which states experienced the largest increase and decrease in rates.
According to the findings, Illinois ranks eighteenth among states where the percentage of homeowners has increased the most over the past 10 years, rising by 3.92%.
NewMexico reported the largest increase in homeownership over the last decade, increasing by 11.42%.
Homeownership in the state was highest in 2020 at 73.8%, compared to 71.2% in 2024 and 63.9% in 2014.
Nevada experienced the second-largest increase in homeownership from 2014 to 2024, at 9.22%.
Nevada’s homeownership rate was at its highest in 2020 over the last decade, at 62.8%. This figure was at only 56.4% in 2014 and now stands at 61.6%.
Virginia ranks third with an increase of 7.99% in homeownership from 2014 to 2024. Homeownership is currently at its highest in the state, with the latest rate at 73% compared to 67.6% in 2014.
The 10 states with the highest percentage increase from 2014 to 2024
At the other end of the scale, homeownership dropped most significantly in South Carolina from 2014 to 2024, decreasing by 7.56%.
Homeownership in the state was at its highest in 2022, at 76.6%; however, it is now at only 69.7%. In 2014, it was at 75.4%.
North Carolina homeownership has seen the second-largest decrease in the last 10 years, dropping by 5.79%. The state had the highest homeownership rate in 2020 at 72.6%, compared to 67.4% in 2014 and 63.5% in 2024.
In third is Michigan, with a 5.01% drop in homeownership since 2014. The state’s homeownership rate was highest in 2014 at 75.9% and has since dropped to 72.1%.
The 10 states with the largest percentage decrease from 2014 to 2024
Commenting on the findings, a spokesperson from New Jersey Real Estate Network says,
It’s notable that homeownership has increased in certain states over the past decade, even amid broader economic challenges. In seven states, including Connecticut, Mississippi, and West Virginia, homeownership has reached its highest level since 2014.
While many states saw peak homeownership rates in 2020, followed by slight decreases in recent years, this may reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes.
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