Homeownership is a significant asset-building strategy for individuals. Owning a home is an important source of stability for children and families. Communities also benefit from high rates of homeownership. Residents who own their homes, in general, feel more rooted, take greater pride in the appearance of their homes, and have greater positive involvement with the community. However, homeownership rates in North Dakota have dropped across all income categories since 2010.
Dr. Nancy Hodur, director of the Center for Social Research at NDSU examined current housing market conditions in the 2022 North Dakota Statewide Housing Needs Assessment. In this article, Dr. Hodur provides some insight into why homeownership rates have declined over the past 10 years.