Job growth and affordable homes have made Charlotte, N.C., the place to be for young homebuyers. At 41 percent, the city has the highest Millennial homeownership rate in the nation, among major markets.
Meyers Research analyzed homeownership rates for individuals between the ages of 25 and 34 and found that many Millennials are buying homes in the eastern states. Other strong markets for young homeowners include Baltimore and Philadelphia.
On the other side, some of the nation’s priciest markets, such as Los Angeles, New York City, San Francisco, and San Jose, have the lowest levels of Millennial ownership, with all at around 20 percent.
The homeownership rate of adults under 35 has dropped from 44 percent in 2004 to 35 percent today.
There are a lot of factors contributing the low homeownership rate, including the lowest level of housing supply since 1999 and 5 consecutive years of home price appreciation. Not to mention, more risk aversion since the Great Recession, slower than expected wage growth coming out of the downturn, and delayed life choices among younger Americans.