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May 2024 » thefivestar.com 77 May 2024 J O U R N A L Los Angeles added seven million-dol- lar cities in the last year, more than any other metro area outside of the New York City metro area. During that period, Bos- ton added four, San Diego, Chicago, and San Luis Obispo added three apiece. EVEN HOME PRICE HIGHS CAN'T STOP HOMEOWNERSHIP TRENDS A though they've declined from their recent highs, U.S. home prices are still quite high, accord- ing to a new LendingTree study. Despite this, the percentage of people who own a home has increased recently. More specifically, the percentage of owner-occupied houses in the 50 largest metropolitan areas in the country grew by 93 basis points between 2019 and 2022 and by 108 basis points between 2012 and 2022, per a LendingTree study of the most recent U.S. Census Bureau American Communi- ty Survey data. Put differently, LendingTree research shows that more people have become homeowners even though some localities have seen a more than twofold increase in property values since 2012. Key Findings: » As of 2022, almost 43.5 million of the 70.4 million occupied housing units in the nation's 50 largest metros were owner-occupied. The overall homeown- ership rate across these metros is 61.72%. » Homeownership rates are highest in the Detroit, Minneapolis, and Pittsburgh metros. The homeowner- ship rates in these metros are 71.49%, 70.54%, and 70.45%, respectively. » Homeownership rates are lowest in the Los Angeles, New York, and San Diego metros. At 47.94%, Los Angeles is the only metro among the 50 largest where the homeownership rate is lower than 50.00%. In New York and San Diego, homeownership rates are higher—albeit still relatively low—at 51.72% and 54.53%. » Homeownership rates increased the most in Las Vegas, Virginia Beach, Virginaia, and New Orleans from 2019 to 2022. Across these three metros, homeownership rates increased by an average of 305 basis points. Conversely, homeownership rates decreased by an average of 57 basis points in Nashville, Tennessee, Salt Lake City, and San Jose, California. » From 2012 to 2022, homeownership rates increased the most in Las Vegas, New Orleans, and Phoenix. On average, home- ownership rates in these metros increased by 524 basis points from 2012 to 2022. Over that same period, homeownership rates increased in 37 of the nation's other 50 largest metros, remained the same in one, and declined in nine. Homeownership rates decreased the most in Miami, San Jose, California, and Memphis, Tennessee, falling by an average of 167 basis points. Per the report, homeownership rates have increased despite rising home prices. From 2012 to 2022, median home values across the nation's 50 largest metros increased from 25–39% to 197–73%. The average increase across these metros was 97.38%. Despite this, homeownership rates still rose (barring a handful of exceptions). Top 10 Metros With the Highest Homeownership Rates: 1. Detroit 2. Minneapolis 3. Pittsburgh 4. St. Louis 5. Birmingham, AL 6. Louisville, KY 7. Cincinnati 8. Raleigh, NC 9. Salt Lake City 10. Richmond, VA Metros With the Highest Homeownership Rates: 1. Detroit » Total number of occupied housing units: 1,762,104 » Share of housing units that were own- er-occupied in 2022: 71.49% » Share of housing units that were rent- er-occupied in 2022: 28.51% » Increase in share of owner-occupied housing units from 2019 to 2022: 1.87 percentage points » Increase in share of owner-occupied housing units from 2012 to 2022: 2.44 percentage points » Median home value: $245,500