What do Port St. Lucie, Florida and Cedar Rapids, Iowa have in common? They are both at the top of a list of cities where homeownership by millennials is growing. According to this study, the rate of home ownership for millennials (ages 18 to 35) has increased in the last decade in 21 of the 200 largest cities.
Unfortunately, millennials have a lot of barriers to homeownership. Large student loans and the challenges of living through the Great Recession make it difficult for many millennials to come up with the down payment and credit score needed to buy a home. In addition, millennials have put off some lifestyle choices, such as getting married and having children, which tend to increase the likelihood of homeownership. Despite these factors, as millennials age, they are expected to start buying homes and will likely have a big effect on the residential real estate market.
Where are millennials most likely to buy homes? Job growth and affordability are key factors. For an interesting article on where millennials are buying, click here: https://smartasset.com/mortgage/millennial-homeownership