Millennials Have Taken To Buying Homes In These Cities
The financial crisis crushed Millennial homeownership, pushing overall rates down from 40% in 2006 to 32% in 2015, but a new report shows there are some cities where Millennials are getting back on their feet and buying homes.
SmartAsset’s latest report identifies several clusters of Millennial homeownership around the country, with the Northeast doing the worst and smaller cities in Southern California doing the best, ConstructionDive reports. The report shows the extent of the Millennial homeownership disparity, with Elk Grove, CA, boasting a 60% rate of homeownership while Orlando, FL, and Cleveland sit at 11%.
The findings suggest young, first-time homebuyers are still struggling to overcome barriers to entering the housing market, notably student debt and high rents, but indicate U.S. homeownership rates will rise as wages grow and Millennials become more financially secure. [CD]