Homeownership in North Carolina: Dare & Pamlico County make the greatest gains over 4 years, reveals study – OBX Today

Homeownership in North Carolina: Dare & Pamlico County make the greatest gains over 4 years, reveals study - OBX Today
[DareNC.com]

Homeownership remains a cornerstone of the American Dream. While taking on a mortgage is a form of debt, it’s often seen as a positive investment compared to other types like credit card debt. Despite this, homeownership remains out of reach for millions of young Americans. A combination of unaffordable housing and rising inflation forces many to continue renting, hindering their ability to build financial stability.

While it’s encouraging to see significant increases in homeownership rates driven by economic recovery and state initiatives in many counties, it’s equally important to address the challenges faced by regions experiencing declines,” says Josh Stomel, Co-founder of TurboDebt.

The high cost of living in urban areas underscores the need for continued efforts to make homeownership more accessible,” Stomel adds.

Using data from County Health Rankings, TurboDebt analyzed four years of homeownership data to determine which areas of the country have experienced the most significant changes in homeownership rates. By focusing on county-level data, they were able to precisely identify areas with the greatest increases and decreases in homeownership.

Homeownership on a State Level

Overall, North Carolina has had a 1% increase in levels of homeownership over 4 years, equating to 169,256 new home owners.

The study found that the state of Hawaii has experienced the greatest percentage increase in homeownership over four years. With an increase of 4%, this amounted to 32,454 new homeowners in the Aloha State. Only Washington, DC, experienced a decrease in homeownership (-1%), equating to 13,294 fewer homeowners in 2024. This decrease may be attributed to the high cost of living and real estate in the capital, which has made homeownership less attainable for many residents.

Homeownership on a County Level

On a county level, Dare and Pamlico county equally experienced the greatest increase in homeownership at 7%. The worst performing North Carolina county was Chowan County, with 5% decrease.

The top 5 performing counties were:

  1. Dare: 7%
  2. Pamlico: 7%
  3. Alexander: 6%
  4. Alleghany: 6%
  5. Craven: 6%

The bottom 5 performing counties were:

  1. Chowan: -5%
  2. Greene: -4%
  3. Graham: -4%
  4. Warren: -3%
  5. Martin: -3%