Where Are Millennials Buying Homes? – 2019 Edition
Record high home values, stagnating incomes, the largest economic downturn in a century and record levels of student debt are just a few examples of the roadblocks between millennials and homeownership. All these factors have manifested in millennials’ inability to sock away enough cash in their savings accounts for a down payment and the historically low homeownership rates for their age group. And yet, many millennials in particular parts of the country are defying the economic trends and becoming homeowners. Below, we find out where millennials are buying homes.
In order to rank the places where millennials are buying homes, we examined data on two factors. We looked at the current rate of millennial homeownership and also compared the change in the millennial homeownership rate from 10 years ago to the current rate. Check out our data and methodology below to see where we got our data and how we put it together to create our final rankings.
This is the 2019 version of this study. Check out the 2018 version here.
- Millennial homeownership down – Across the 200 cities we analyzed, millennial homeownership is down 4.4% on average. Only 42 cities saw their millennial homeownership rate rise.
- Home value alone is not a significant factor – The top 25 cities where millennials are buying homes have an average median home value of $294,000. The 25 cities where millennials are not buying homes have an average median home value of $284,300.