Here's a piece from Money Central that talks about the higher U.S. home ownership rate in the Midwest and South. The key points:
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.
The Midwest leads at 73.8%, follow by the South at 71%, with both the West and Northeast at just over 64%.
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. 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.
Funny that they should mention GR, Michigan -- that's where I live. ;-)
Two key takeaways I have here are:
- For people who want to own a home but can't afford it on the coasts, simply move to a cheaper area of the country. It's a big country out here -- lots of room -- and contrary to popular opinion in the media, life doesn't end when you move to Ohio, Missouri, Nebraska, or Indiana.
- By moving to a cheaper part of the country, it's also easier to buy a house you can easily afford that's a pretty nice house as well.
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