The American housing market took off during the early months of the COVID-19 pandemic. The homeownership rate - or the share of housing units occupied by their owner - jumped by 2.6 percentage points from the first quarter to the second quarter of 2020, by far the largest increase ever recorded. By the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier.

The surge in home sales was fueled by several factors, including historically low mortgage rates, and, as many experts speculate, the pandemic, which led many Americans to re-evaluate where and how they live. Here is a look at the mortgage rate in America every year since 1972.

Nationwide, the homeownership rate stands at 64.4%, according to five-year estimates from the 2020 American Community Survey data from the U.S. Census Bureau. This rate varies substantially from state to state, however.

In Nevada, the homeownership rate stands at 57.1%, lower than the national average.

Homeownership rates in different parts of the country are impacted by many factors, and one of them is housing costs. Though it is not always the case, states where housing is more expensive often have lower than average homeownership rates, while areas where home prices are lower often have high homeownership -- and Nevada is no exception. The typical home in Nevada is worth an estimated $290,200, more than the national median of $229,800.

 

RankStateHomeownership rate (%)Median home value ($)Median household income ($)
1West Virginia73.7123,20048,037
2Maine72.9198,00059,489
3Minnesota71.9235,70073,382
4Michigan71.7162,60059,234
5Delaware71.4258,30069,110
6Vermont71.3230,90063,477
7Iowa71.2153,90061,836
8New Hampshire71.2272,30077,923
9Wyoming71.0228,00065,304
10Idaho70.8235,60058,915
11Utah70.5305,40074,197
12South Carolina70.1170,10054,864
13Indiana69.5148,90058,235
14Alabama69.2149,60052,035
15Pennsylvania69.0187,50063,627
16Mississippi68.8125,50046,511
17Montana68.5244,90056,539
18South Dakota68.0174,60059,896
19New Mexico68.0175,70051,243
20Kentucky67.6147,10052,238
21Missouri67.1163,60057,290
22Wisconsin67.1189,20063,293
23Maryland67.1325,40087,063
24Virginia66.7282,80076,398
25Louisiana66.6168,10050,800
26Tennessee66.5177,60054,833
27Ohio66.3151,40058,116
28Illinois66.3202,10068,428
29Kansas66.2157,60061,091
30Nebraska66.2164,00063,015
31Florida66.2232,00057,703
32Colorado66.2369,90075,231
33Oklahoma66.1142,40053,840
34Connecticut66.1279,70079,855
35Arkansas65.8133,60049,475
36North Carolina65.7182,10056,642
37Arizona65.3242,00061,529
38Alaska64.8275,60077,790
39New Jersey64.0343,50085,245
40Georgia64.0190,20061,224
41Washington63.3366,80077,006
42Oregon62.8336,70065,667
43Massachusetts62.5398,80084,385
44North Dakota62.5199,90065,315
45Texas62.3187,20063,826
46Rhode Island61.6276,60070,305
47Hawaii60.3636,40083,173
48Nevada57.1290,20062,043
49California55.3538,50078,672
50New York54.1325,00071,117