The 11 top states for homeownership

  • Steve Heap/iStockphoto

    Americans are slowly moving toward renting instead of owning.

    According to figures released this week by the U.S. Census Bureau, the country's homeownership rate fell to 64.5 percent last year. That's the lowest level in two decades.

    The homeownership rate crested at 69 percent in 2004, but has since receded. A number of factors are pushing that rate down. The most obvious: the massive housing crash that triggered the Great Recession, along with the ongoing migration of workers to urban areas, where renting is often the best option.

    Across the country, home sales are still frustratingly sluggish, notes Jennifer Lee, a senior economist at BMO Capital Markets. Existing home sales dropped 4.9 percent in January, the fifth drop in the past year.

    But in some parts of the U.S., owning a home is more common.

    Read on to see the 11 states where the homeownership rate is far above the national norm. The rate is calculated by dividing the number of households that are owners by the total number of households.

    Sources: U.S. Census, Zillow

  • Kim Peterson

    Kim Peterson is a financial journalist covering business and the economy. She has written for several online and print publications, including MSN Money and The Seattle Times.