Friday, July 27, 2012

Rural areas have higher home ownership than national average, much of it free and clear of debt

Amid all the talk about home ownership being harder and harder to obtain -- and it is -- reporter Lance George has uncovered some revealing statistics about who has done the best job of settling in and paying on a mortgage, and of paying it off. George, writing in the Daily Yonder, cites census and federal housing data showing that in 2010, 65.1 percent of U.S. homes were occupied by their owners. In rural communities, the number was 71.6 percent.

Home ownership, the reporter notes, varies across demographic groups, and among regions within rural and small-town America. It is highest in the Midwest, at 74 percent, and lowest in the West, at 68 percent. "Delaware has the highest rural and small-town homeownership rate, at 77.8 percent, followed closely by Minnesota and Michigan, at 77 percent."

The biggest rural-urban disparity in the data was free and clear ownership. "Nearly 42 percent of homeowners in rural and small town America own their homes free and clear of mortgage debt, compared to roughly 27 percent of suburban and urban homeowners with no mortgage," George reports, offering possible reasons: a large number of manufactured homes with shorter loan terms and an older demographic; mortgage debt declines with age. (Read more)

1 comment:

Anonymous said...

I can see why home ownership is higher in the rural areas. Most of the jobs are in the cities so the demand to live there rises quite a bit, particularly in places like NY and SF.