Skip to main content

Less Than One-Third of Millennials Are Homeowners

Phil Hall
Jun 27, 2017
Less than one-third of Millennials are homeowners, but the homeownership rates among this youthful demographic are significantly lower in expensive coastal cities and pricey college towns

Less than one-third of Millennials are homeowners, but the homeownership rates among this youthful demographic are significantly lower in expensive coastal cities and pricey college towns, according to a new data analysis from ABODO.
 
On a national level, 32.1 percent of Millennials are homeowners—back in 2005, the number was 39.5 percent—but those numbers vary among markets. Among the metro areas with higher-than-average Millennial homeownership rates are Ogden–Clearfield, Utah, where 51 percent of Millennials own homes, followed by the Grand Rapids, Mich., metro area (45.3 percent), Des Moines-West Des Moines, Iowa (43.6 percent), the McAllen, Texas, metro (43.3 percent) and Minneapolis-St. Paul (42 percent). ABODO noted that all of these markets are small to-midsize cities in the Midwest, South, and Southwest.
 
However, Millennial homeownership rates are much smaller in major coastal markets: California’s Los Angeles–Long Beach–Anaheim has a 17.8 percent Millennial homeownership rate, the lowest in the country. Other low percentages are in Urban Honolulu (18.3 percent), California’s San Diego–Carlsbad corridor and the New York–Newark–Jersey City metro area, both at a 19.8 percent level.
 
Metro areas with a large college student population are also lacking in Millennial homeowners: Connecticut’s New Haven–Milford metro (24.4 percent), Madison, Wis. (24.7 percent) and Durham–Chapel Hill, N.C. (25.2 percent) have disproportionately high percentages of college-age Millennials relying on renting or dorm life. 
Less than one-third of Millennials are homeowners, but the homeownership rates among this youthful demographic are significantly lower in expensive coastal cities and pricey college towns

 
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021