Millennials face record levels of student loan debt, home value growth eclipsing wage growth, and other economic barriers in the homebuying process. A new study finds where they are buying now.
A key finding in the SmartAsset study is that Millennial homeownership is down 4.4 percent on average in the 200 cities studied. Less than a quarter of the cities analyzed had homeownership rate increases for this generational group. In the 25 cities where Millennials are buying homes, the average median home value is $294,000. The 25 cities where Millennials are not buying homes, the average median home value is $284,300.
Record high home values, stagnating incomes, the largest economic downturn in a century are just a few examples of the economic roadblocks between millennials and homeownership. All these factors have manifested in millennials’ 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.
Why Millennials Still Trail Behind Baby Boomers in Today’s Housing Market
Millennials are losing out to Baby Boomers in the hunt for a limited supply of starter homes
In the Race to Homeownership, Millennials Are Trailing Behind
Buying a home in today's high-cost housing market isn't a feat for the weak, and Millennial buyers who are making their first home purchase face the biggest challenges
How Homes and Neighborhoods Are Making Millennials and Gen Z Lonelier
The housing affordability crisis and design of American homes and neighborhoods may be hampering community connection and exacerbating the loneliness epidemic