“Usually the challenges heart on affordability,” he mentioned. “The millennial purchaser has extra ongoing month-to-month bills than earlier generations. Thirty years in the past, most individuals didn’t have a cellular phone, streaming companies, supply companies and occasional store memberships. All these eat into the affordability of housing.”
The Residence Checklist report notes that millennials are catching as much as Gen X, as each generations have been delayed in homeownership by the 2008 housing disaster. Nonetheless, into their late 30s, millennial homeownership trails Gen X in 48 states, with solely Indiana, Iowa, and the District of Columbia as locations the place Millennials have the sting.
As well as, millennials are fleeing the big cities for smaller, extra rural properties. The report states that Millennial homeownership is 52% in non-metropolitan elements of the nation, however solely 35% within the nation’s largest city markets.
The highest cities for Millennial homeownership mirror these statistics. Grand Rapids, Michigan, has the very best share at simply over 60%. The remainder of the highest 10 consists of Minneapolis, St. Louis, Raleigh, Indianapolis, Cincinnati, Pittsburgh, Louisville, Kansas Metropolis, and Birmingham, Alabama.
In the meantime, the underside 10 metro markets embrace six California markets: Los Angeles, San Jose, San Diego, San Francisco, Riverside, and Fresno. The opposite 4 are Honolulu, New York Metropolis, Miami, and Las Vegas.
