Top 10 Cities Where Millennials Are Buying Homes
June 8, 2016 4:00 PM
Top 10 Cities Where Millennials Are Buying Homes
Despite financial obstacles and lifestyle choices that can delay the journey to homeownership, millennials are buying homes in affordable metro areas with steady job growth. "Prospective millennial homebuyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment. However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership," said Lawrence Yun, chief economist at the National Association of Realtors. Here's a look at the top 10 metro areas NAR cited for their above-average share of current millennial residents, better employment opportunities and relatively low qualifying incomes needed to purchase a home.
No. 10 Portland, Ore.
Millennial Share of Population: 15% Millennial Median Income: $44,792 Millennial Homeownership Rate: 17.1%
No. 9 Austin, Texas
Millennial Share of Population: 17.7% Millennial Median Income: $51,810 Millennial Homeownership Rate: 19.4%
No. 8 Seattle, Wash.
Millennial Share of Population: 16.2% Millennial Median Income: $64,294 Millennial Homeownership Rate: 19.8%
No. 7 Washington, D.C.
Millennial Share of Population: 15.7% Millennial Median Income: $69,874 Millennial Homeownership Rate: 20.8%
No. 6 Denver, Colo.
Millennial Share of Population: 16.1% Millennial Median Income: $50,923 Millennial Homeownership Rate: 21.6%
No. 5 Charleston, S.C.
Millennial Share of Population: 15.8% Millennial Median Income: $47,903 Millennial Homeownership Rate: 21.7%
No. 4 Salt Lake City, Utah
Millennial Share of Population: 16.6% Millennial Median Income: $51,930 Millennial Homeownership Rate: 24%
No. 3 Raleigh, N.C.
Millennial Share of Population: 14.1% Millennial Median Income: $49,892 Millennial Homeownership Rate: 28.4%
No. 2 Minneapolis, Minn.
Millennial Share of Population: 15% Millennial Median Income: $55,066 Millennial Homeownership Rate: 28.7%
No. 1 Ogden, Utah
Millennial Share of Population: 14.7% Millennial Median Income: $54,608 Millennial Homeownership Rate: 40.2%
