Homeownership during the past decade dropped by its largest share since the Great Depression, exemplified by areas such as Northern Virginia’s Manassas Park, where the percentage of renters jumped at the second-fastest rate in the nation over the last 10 years. According to Census Bureau figures released Thursday, the renter occupancy rate in Manassas Park, an incorporated city between the city of Manassas and Prince William County, jumped by more than 13 percent during the last decade. That was the second-largest increase in the country, trailing just Loving County, Texas, which saw a nearly 20 percent increase in renters during the same period.
The ratio of renters in the city of 5,000 households jumped from 21 percent to 34.6 percent last year, which was attributed to a similar increase in Hispanic residents in the area. About one in three people who live in Manassas were identified as Hispanic, census figures show.
The local housing data mirrors a national trend in homeownership.
Despite the second-highest rate on record, the percentage of homeowners decreased by its largest share since the period from 1930 to 1940. Dropping by 1.1 percent since 2000, 65.1 percent of U.S. residents were homeowners last year.
The homeownership rate in the Midwest was the highest at 69.2 percent, followed by the South, 66.7 percent, Northeast, 62.2 percent and West, 60.5 percent.
Analysts attribute the decline in homeownership to the bursting of the housing bubble and subprime mortgage crisis. And many of those owners today are opting for cheaper rentals.
Still, homeowners outnumbered renters in all but 1.5 percent of the 3,143 counties and equivalent areas in the country.
The District’s homeowner rate was well below the national average, with just 42 percent of residents labeled as such last year. In comparison, 67.5 percent of Marylanders and 67.2 percent of Virginia residents are homeowners.
Both Maryland and Virginia fell outside the top 10 in terms of homeownership rates.
West Virginia, Minnesota, Michigan, Iowa and Delaware had the highest homeownership rates, and New York, California, Hawaii, Nevada and Rhode Island had the lowest.
