Where the Millennial Homebuyers Are
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.