Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

Where Millennial Ownership Is Trending Up

Flashing roadblock signs

Millennials are facing plenty of roadblocks to homeownership: high student loan debt, record high home values, stagnating incomes, and high rents. Yet, in particular areas of the country, these young adults are still increasingly finding ways to become homeowners.

SmartAsset, a personal finance website, recently ranked places based on where millennials are buying the most homes. They looked at the current rate of millennial homeownership and compared it to 10 years ago.

Overall, millennial homeownership is down across the 200 cities analyzed, researchers note. Only 42 cities have seen an uptick in millennial homeownership rates.

Also, researchers found that home values alone were not a significant factor in where millennials are buying. The top 25 cities were millennials are buying homes had an average median home value of $294,000 whereas the 25 cities where millennials are buying the fewest number of homes averaged near that at $284,300.

Chart showing millennial homeownership rates

SmartAsset

 

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