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PHOENIX - Despite a rise in interest rates and home prices, homeownership in Arizona is increasing more than any other state in the nation.
Since 2020, the percentage of homeowners in the state grew by 9.46%.
According to data from the U.S. Census Bureau and gathered by Moneywise.com, Arizona's homeownership rate in 2024 is 70.1%.
While that number isn't as high as other states like Maine, Indiana or Iowa, the increase from its 2020 mark of 64% was the most drastic change in the country.
The survey calculated the change as 9.46% from the relative percentage of 70.1 compared to 64 instead of calculating the difference in percentages.
"The shifting patterns in homeownership reflect broader economic trends, with rising home prices and mortgage rates making it more challenging for first-time buyers, while established homeowners continue to benefit from increased property values," said a spokesperson from Moneywise.
(Data compiled by Moneywise.com)
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On the opposite end of the spectrum, New Jersey had the largest decrease in homeownership rate at -10.28%.
"As affordability remains a key concern, we are seeing divergent trends—homeownership is on the rise in some regions but declining in others, mainly driven by local market conditions and income disparities," said the spokesperson.