Things like student debt, loan scarcity, and high costs of homeownership — whether its remodeling costs or unexpected repair costs — can make owning a home feel out of reach for many millennials. While critics accuse the millennial generation of ‘killing’ the housing market, there are plenty of cities across the country in which the opposite proves true and millennial homeownership is common.
Which cities have the highest rates of millennial homeownership? Using U.S. Census Bureau data, ImproveNet analyzed more than 170 cities nationwide with populations of 150,000 or more to find out.
Nationwide, millennials make up roughly 11 percent of homeowners in cities with populations over 150,000 – but in Clarksville, Tennessee, that average more than doubles to 23 percent, making it the city with the most millennial homeowners in the country. Grand Rapids follows closely with 19.5 percent and is trailed by Sioux Falls (18.2%), Minneapolis (16.7%), and Atlanta (16.4%) to complete the top five cities with the most millennial homeowners.
Gilbert, with 15.3% of the homes owned by millennials, Tempe (13.3%) and Phoenix (13%) were the Arizona communities that boast some of the highest numbers of millennial homeowners in the nation.
With a millennial homeownership rate of just 4.9 percent, millennials are least likely to own a home in Huntington Beach, California. Two Florida cities – Hollywood and Fort Lauderdale – followed closely behind with an average millennial homeownership rate of 5.5 percent to round out the bottom three cities.
Single Millennial Homeowners
It’s rare to find a millennial that’s both a homeowner and single. On average, they make up just two percent of homeowners nationwide. But in cities like Atlanta and D.C., millennials buck the stereotype and are twice as likely to buy a home. Over 6 percent of Atlanta’s single millennials are homeowners; Washington, D.C. follows closely at 4.9 percent, while Boston (4.3%), Tempe (4.3%), and Pittsburgh (4.2%) make up the top five.
Alongside Frisco, Texas, three California cities – Fremont, Oxnard, and Santa Rosa – are among the five with the smallest single millennial homeowner populations with just 0.6 percent. Hialeah, Florida, has the smallest, at 0.5 percent.