Construction workers lead Richmond homeownership gains
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Skilled trades and construction workers saw the biggest homeownership gains in metro Richmond over the past decade, according to a new analysis shared with Axios.
Why it matters: They're outpacing teachers, police and health care workers, per the National Association of Realtors' analysis of census data comparing homeownership rates in 2014 and 2024.
By the numbers: The Richmond occupations with the greatest increases in homeownership rates in that decade:
- Skilled trades and construction: up 7 points to 67%.
- Health care: up 7 points to 62%.
- STEM and technical: up about 3 points to 73%.
Meanwhile, workers in these industries saw the greatest drops:
- Education: down 4 points to 66%.
- Sales and real estate: down 4 points to 61%.
- Service workers: down 3 points to 56%.
Of note: The U.S. overall homeownership rate is around 65%.
Between the lines: Nationwide, metros where home prices match local incomes tend to have higher homeownership across jobs, the association found.
The intrigue: STEM workers are the ones most likely to own a home in the region (73%), bucking a national trend showing managers leading homeownership rates while STEM workers lose ground.
- About 71% of managers in metro Richmond owned homes, barely moving from the 70% in 2014.
Go deeper: What U.S. homeowners do for a living