Much has been made of the low rates of homeownership among the older members of Generation Y, also known as Millennials. This demographic, which is comprised of those born between 1977 and 2000, makes up 25% of the American population, outnumbering both Baby Boomers and Generation X.
The older half of Gen Y (currently aged 28-35) were out of high school when the recession began in the late 2000's, and for years we have speculated on their ability to rebound economically. While our job market is stronger now, many members of Gen Y were burdened for years with low-paying job prospects, and the inability to pay student loans or to save for the future.
We have wondered if Millennials would be able to buy single-family homes at the same rates of past generations -- and if this generation was interested in owning homes at all. The National Association of REALTORS®' 2014 Profile of Buyers and Sellers shows that millennials, are at last buying homes at higher rates. Below, we break out the markets with the highest numbers of Gen Y buyers.
First, our assumptions and methodology:
Millennials are those born between 1980-1995
We counted records that included age, homeownership status and association with one of SmartZip's 90 million+ analyzed homes (for location validation)
We analyzed larger markets, with 100k properties or more
Debunking Generation Rent
The top 20 markets with the highest rates of millennial homeowners