Everywhere you turn it seems there is dire news being reported about the dying American dream of homeownership. Credit stingy banks, high down payments, lack of consumer confidence, and a fragile job market that have conspired to make owning a home unattainable, or impractical, for a growing number of Americans.

According to a report recently published by the United States Census Bureau, Housing Characteristics: 2010, homeownership in the United States has fallen to the lowest levels since right before World War II, when the country was still pulling itself out of the Great Depression. The boom seen after that war ended lasted for the rest of the century, peaking in 2000. But the subprime crisis/scandal has set back the housing market 60 years, causing home builders in Texas to Nevada to feel the pain.

The Census report concludes the situation is unlikely to improve any time soon. However, the report also found that the impact of the current housing environment is not equally spread out. Generally speaking, states with smaller populations have higher rates of homeownership that the most populated states. For example, just a little over half of the residents in New York own a house while nearly three-fourths of West Virginians are homeowners.

Another factor driving homeownership in areas of low population density and fewer major metropolitan areas is that rentals aren’t as plentiful. People living in Manhattan, Chicago, Los Angeles, Dallas, and San Francisco have many rental living options. Plus, the bigger the metropolitan area, the higher the home prices tend to be.

Of course, there are exceptions to that. Many housing communities, like LGI Homes, are offering potential home buyers reasonable down payments, some even offering no money down homes, affordable monthly mortgages comparable to rent rates—or less—plus a ready-made community with many amenities, significantly adding value to homeownership.

So while the market will remain constricted, for those who recognize the financial advantages to homeownership there are still ways to buy and build your own equity rather than line the pockets of an apartment manager.