Ownership rates on both coasts lag far behind Midwest and South, with incomes unable to keep up with runaway prices. See how your state fares.
By The Associated Press
If you live in the Midwest or South, chances are you own a home.
If you reside in the Northeast or far West, the odds are greater the dream of homeownership may remain just that, a dream.
Data from the U.S. Census would suggest the culprit is historically high home prices and flat median incomes compared to more affordable interior portions of the country.
A post-World War II economic boom fueled a steady climb in overall homeownership rates from 55% in 1950 to a near all-time high of 69.1% in 2004.
But ownership rates for residents on both coasts lagged somewhat behind the norm. According to U.S. Census figures, key states such as California and New York have played a game of homeownership catch-up for at least 55 years.
California ownership rates have scarcely moved from 54.3% in 1950 to 59.7% today. In New York, ownership is barely above 50%, up just 6 points from 1950.
When those states are lumped with others in the region, the ownership figures improve but are still well behind the percentage for the nation.
The Midwest leads at 73.8%, follow by the South at 71%, with both the West and Northeast at just over 64%.
Have-nots lag further behind
A large gap between the cost of housing and what people earn is a significant factor why ownership is more prevalent in certain areas. Nationally, the median home value is $151,000 with household incomes hovering near $43,000. That's great if you live in Des Moines, Iowa, or Grand Rapids, Mich.
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But it's not so good if you live in California or hot pockets of real estate where competition for homes has driven prices through the roof while incomes have stayed so-so. The median home value in California is $391,000 while household income is $49,000. That's a scant $6,000 above the national average. The same can be said for Massachusetts, with home values at $204,700 and incomes at $51,000.
Little wonder coastal states are at the epicenter of the so-called housing price bubble. Federal Reserve Board Chairman Alan Greenspan had doubts about a national housing price bubble, but he told Congress in June of last year of "apparent froth in housing markets" where local bubbles might experience some leakage.
If you own a home in locales with high market valuation, you're in good shape. It's the housing have-nots who may see ownership slip out of their grasp as the disparity between home prices and incomes continues to widen.
| Home ownership and income | | State | % own | Household income | Median value | State | % own | Household income | Median value | | United States | 69.0 | $ 43,318 | $ 151,366 | Missouri | 72.4 | $ 43,762 | $ 117,033 | | Alabama | 78.0 | 37,255 | 94,671 | Montana | 72.4 | 34,108 | 119,319 | | Alaska | 67.2 | 51,837 | 179,304 | Nebraska | 71.2 | 43,974 | 106,656 | | Arizona | 68.7 | 41,166 | 145,741 | Nevada | 65.7 | 45,184 | 202,937 | | Arkansas | 69.1 | 32,002 | 79,006 | New Hampshire | 73.3 | 55,567 | 216,639 | | California | 59.7 | 49,300 | 391,102 | New Jersey | 68.8 | 56,045 | 291,294 | | Colorado | 71.1 | 49,940 | 211,740 | New Mexico | 71.5 | 35,105 | 110,788 | | Connecticut | 71.7 | 54,965 | 236,559 | New York | 54.8 | 42,788 | 220,981 | | Delaware | 77.3 | 49,019 | 171,589 | North Carolina | 69.8 | 37,279 | 117,771 | | District of Columbia | 45.6 | 45,044 | 334,702 | North Dakota | 70.0 | 40,410 | 84,354 | | Florida | 72.2 | 38,972 | 149,291 | Ohio | 73.1 | 43,520 | 122,384 | | Georgia | 70.9 | 42,438 | 136,912 | Oklahoma | 71.1 | 35,902 | 85,060 | | Hawaii | 60.6 | 51,834 | 364,840 | Oregon | 69.0 | 41,638 | 181,544 | | Idaho | 73.7 | 42,372 | 120,825 | Pennsylvania | 74.9 | 42,933 | 116,520 | | Illinois | 72.7 | 45,153 | 167,711 | Rhode Island | 61.5 | 44,711 | 240,150 | | Indiana | 75.8 | 42,425 | 110,020 | South Carolina | 76.2 | 38,479 | 113,910 | | Iowa | 73.2 | 41,384 | 95,901 | South Dakota | 68.5 | 39,522 | 95,523 | | Kansas | 69.9 | 44,232 | 102,458 | Tennessee | 71.6 | 37,523 | 110,198 | | Kentucky | 73.3 | 36,936 | 98,438 | Texas | 65.5 | 39,271 | 99,858 | | Louisiana | 70.6 | 33,507 | 95,910 | Utah | 74.9 | 49,275 | 157,275 | | Maine | 74.7 | 37,113 | 143,182 | Vermont | 72.0 | 43,261 | 154,318 | | Maryland | 72.1 | 52,314 | 216,529 | Virginia | 73.4 | 54,783 | 179,191 | | Massachusetts | 63.8 | 50,955 | 331,200 | Washington | 66.0 | 47,508 | 204,719 | | Michigan | 77.1 | 45,022 | 145,177 | West Virginia | 80.3 | 32,763 | 81,826 | | Minnesota | 76.4 | 52,823 | 181,135 | Wisconsin | 73.3 | 46,269 | 137,727 | | Mississippi | 74.0 | 32,728 | 79,023 | Wyoming | 72.8 | 42,555 | 119,654 |
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Source: U.S. Census; income figures for 2003
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