Millennials are an oft-maligned generation. Counted on to be lazy, it turns out that millennial home ownership is not only on the rise, but can also be a key to understanding the housing market as a whole.
Per an article in Zerohedge, examining millennial home ownership is a great way to judge the economic vitality of a given area.
When millennials purchase a home, it’s obviously from another homeowner. That owner is likely to have their own offer pending for another home. Perhaps they are retirees who are downsizing, or maybe they’re looking to retire and move out of state. Because these actions are related, it has a chain effect on the entire housing market.
Regardless of the reason, with millennial home ownership increasing in recent years, observing their home buying behavior is proving to be a good litmus test for the rest of the market.
Let’s break it down:
Let’s break the map down into a list of the top 10 cities for millennial home ownership combined with the percentage of millennials who are home owners along with the average price of their homes.
- Minneapolis-St. Paul-Bloomington, MN-WI: 42.4% and $222,528
- St. Louis, MO-IL: 40.2% and $167,791
- Detroit-Warren-Dearborn, MI: 40.2% and $148,404
- Louisville/Jefferson County, KY-IN: 38.5% and $158,974
- Pittsburgh, PA: 37.5% and $152,731
- Indianapolis-Carmel-Anderson, IN: 37.4% and $161,856
- Kansas City, MO-KS: 37.1% and $170,254
- Nashville-Davidson–Murfreesboro-Franklin, TN: 37.0% and $213,090
- Oklahoma City, OK: 36.7% and $172,485
- Baltimore-Columbia-Towson, MD: 36.3% and $272,805
Midwest Millennial Home Ownership
States like Michigan, Kentucky, Minnesota, Wisconsin, Indiana, Missouri, and Oklahoma all make the top 10 list. A major reason for this is due to rising home prices on the coasts. Because of this, many millennials are choosing to move inward to save money and reduce their cost of living.
This is where City vs City’s powerful cost of living calculator can help. Those rising home prices are causing many to explore different options. With City vs City, you enter your income, expenses, savings, and other information. Our app takes over and calculates your cost of living based on where you live now and where you want to live in the future.
Looking at home prices is all well and good. However, City vs City goes one step further and examines the actual cost of living; giving you the tools you need to make an informed decision about your future.
If you’re a millennial looking for the city that provides the best bang for your buck, City vs City is a powerful tool you don’t want to pass on.