10 Cities Where Millennials Are Buying Homes (& 10 Where They Aren’t)

10 Cities Where Millennials Are Buying Homes (& 10 Where They Aren't)

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With staggering student loans, fewer affordable starter homes and lower earnings than the previous generation, young adults ownfewer homes than ever. Considering the reputation millennials have in the media for poor financial skills – avocado toast, anyone? – it’s no surprise the millennial generation is very slowly entering the home buying market. Although millennials are the largest generation of adults, they onlyaccount for 7.5% of the value of all U.S. homes.

ABODO, an apartment listing company, analyzed the 100 largest metropolitan statistical areas by populationfrom the U.S. Census Bureau 2015 American Community Survey to find thehighest and lowest percentage of all millennial householders who are owners.

Home buying among adults ages 18 to 35 has slowed. In 2005, 39.5% of this age group owned homes. That share fell to 32.1% in 2015. (Remember, when buying a home, your credit plays a major part. Before stepping into the home buying market, it’s a good idea to check your credit. You cansee a free snapshot of your credit reportson Credit.com.)

This trend might reverse. Recently, more millennials have been entering the home-buying market. Only time will tell if this trend will stick, but for now, here are the 10 cities millennials are buying homes – and the 10 where they aren’t.

Cities Where Millennials Are Buying Homes

10. St. Louis, Missouri-Illinois

Millennial Home Ownership: 40.2%

9. Detroit-Warren-Dearborn, Michigan

Millennial Home Ownership: 40.2%

8. Boise City, Idaho

Millennial Home Ownership: 40.6%

7. Baton Rouge, Louisiana

Millennial Home Ownership: 41.0%

6. Scranton-Wilkes-Barre-Hazleton, Pennsylvania

Millennial Home Ownership: 41.9%

5. Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin

Millennial Home Ownership: 42.4%

4. McAllen-Edinburg-Mission, Texas

Millennial Home Ownership: 43.3%

3. Des Moines-West Des Moines, Iowa

Millennial Home Ownership: 43.6%

2. Grand Rapids-Wyoming, Michigan

Millennial Home Ownership: 45.3%

1. Ogden-Clearfield, Utah

Millennial Home Ownership: 51%

See thecities where millennials aren’t buying homes on Credit.com.

More from Credit.com

This article was written by Paige DiFiore and originally appeared onCredit.com.

The post 10 Cities Where Millennials Are Buying Homes (& 10 Where They Aren’t) appeared first on Real Estate News & Insights | realtor.com.

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