Homeownership Levels Increased and Decreased the Most in These Markets

Homeownership increased the most in areas with plentiful housing options at affordable prices, says Realtor.com. Many more affordable and lower density markets benefited from buyers leaving nearby high density urban areas. These areas often offered highly desired features, such as increased living space. Of the markets that saw the greatest increases in population, several seem to have benefited from New Yorkers and San Francisco residents fleeing the city centers. Buffalo, Sacramento, and Albany each made the top 10 list of metros where homeownership increased the most. Realtor.com compared homeownership rates in the fourth quarter of 2020 and first quarter of 2021 to the same quarters a year ago to find where homeownership rates changed the most.

1. Albany, NY
Median metro list price: $354,300*
Percentage homeownership change: 9%

New York’s state capital was flooded with out-of-town buyers during the pandemic. They sought out nearby mountains and lakes, as well as a burgeoning dining scene that actually expanded during the pandemic—all at a far more reasonable price range than most areas downstate. Homes here, about three hours from both New York City and Boston, have been going for well under the nation’s median list price of $380,000.

The newfound ability of many white-collar workers to telecommute has lured buyers from as far as California, according to local real estate broker Anthony Gucciardo, of the Gucciardo Real Estate Group.

“The average property below $500,000 gets between five and 10 offers and 25 to 30 showings in the first three days,” he says.

Buyers who want a chance to get into one of the city’s more affordable homes, like this $184,900 three-bedroom, single-family house or this renovated three-bedroom midcentury modern listed at $395,000, had better act quick.

2. Baton Rouge, LA
Median metro list price: $315,000
Percentage homeownership change: 8.45%

More homes were sold in the Baton Rouge metro last year than went under contract in 2005, when the destruction wrought by Hurricane Katrina led to a surge in demand for housing from those who had lost their residences in the storm, according to The Advocate.

COVID-19 was an entirely different type of disaster. In the era of lockdowns and social distancing, many folks were able to save money on things like vacations, dining out, and driving. And instead of blowing it on crawfish and Abita beer, they put it toward a down payment on a home. Those savings, plus mortgage rates that fell below 3%, helped many get into the housing market.

As has long been the trend in the area, many first-time buyers and young families have been moving to burbs seeking good school systems just a short drive to the city. In popular places like Livingston Parish and Ascension Parish, median sale prices rose 9.8% and 8.3% respectively year over year in April, according to data from the Greater Baton Rouge Association of Realtors.

Yet there are still deals to be found. This cute three-bedroom house on an acre in Denham Springs was listed for $189,500.

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