(ABC4) – Hey, Salt Lake City millennials, you’re number one!
A new report recently ranked the cities with the highest millennial homeownership rates and found Salt Lake City came in at number one, at least among large metropolitan areas.
Clearfield, Utah, was ranked number one when it came to midsize metros cities with a 64.4% millennial homeownership rate. Provo also made the midsize metro list, coming in at 13 with a 51.6% millennial homeownership rate.
Many Americans are racing to buy a home due to low-interest rates, increased savings rates, and the desire for more space. Studies say homeownership rates among all groups have been rising since 2017.
Although millennials have had lower homeownership rates than older generations of the same age, home buying is picking up speed especially since home demand has surged during the COVID-19 pandemic.
Millennials are defined by the Pew Research Center as people born between 1981 and 1996 and in Salt Lake City, they share a quarter of the population.
As a city with a median home price of $532, 411, the millennial homeownership rate stands at 51.4% compared to the national average of 41.9%. This shows that more millennials own homes than rent them in SLC.
The report also found that mountain states and the midwest have the highest millennial homeownership rates. In states such as Wyoming and Minnesota, homeownership rates are 59.4% and 55.1%. California had the lowest rate of millennial homeownership, at 30%.
Between 2019 and 2020, the homeownership rate grew from 36.7% to 39.1% for millennials under 25 years old.