These states have some of the poorest Americans – and the highest homeownership rates
CNN
When Vera Sansalone, a realtor in West Virginia showed a log cabin home on a 90-acre property in Mannington to an interested buyer from the Boston area, he was shocked by the $420,000 asking price.
When Vera Sansalone, a realtor in West Virginia showed a log cabin home on a 90-acre property in Mannington to an interested buyer from the Boston area, he was shocked by the $420,000 asking price. After deciding not to buy it, Sansalone said the Boston buyer left her with one piece of advice: “He said I should mark that property up by about $300,000,” she said. The relatively low listing price for a home on nearly 4 million square feet of property, while surprising to a Boston native used to sharply higher real estate prices (some studio apartments in Boston are sold for more money), may not come as a shock to residents of West Virginia. “Here in West Virginia, you can get 90 acres for under half a million dollars,” Sansalone told CNN. Owning a home is often touted as core to the American dream – but the ease with which a person is able to buy one is highly correlated to the wealth of the state where they live. When comparing personal wealth data with homeownership, a curious pattern emerges: Many states with high homeownership rates have lower income levels and vice versa. Demographics, competition for homes and strict zoning regulations all play a role in the cost of real estate.
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