Roseville, Calif – It is no surprise homeownership rates are down, but they are dropping most among millennials, who rates dropped from 40 percent in 2006 to 32 percent in 2015. According to a recent report from SmartAsset.com which looked at homeownership rates among for homeowners who are less than 35-years old, there are some cities where millennials are going against the trend by buying.
Researchers found in some cities the home ownership rate for millennials is high, such as in Elk Gove and Roseville, California. In Elk Grove the millennial homeownership rate was 60 percent which is much higher than most other areas. The lowest reported rate was just 11 percent in Orlando, Florida and Cleveland, Ohio. The city of Roseville ranked 4th in the millennial homeownership study with a rate of 41 percent which was up 4.2 percent from 2006.
SmartAsset.com identified the following 10 cities as where millennials are buying up homes at the fastest rates:
* Sioux Falls, S.D.
* Elk Grove, Calif.
* Bakersfield, Calif.
* Roseville, Calif.
* Peoria, Ill.
* Cary, N.C.
* Fort Wayne, Ind.
* Chattanooga, Tenn.
* Anchorage, Ak.
* Omaha, Neb.
Homeownership rates are on the decline for all age groups across the country, data from the U.S. Census Bureau shows. This trend is particularly pronounced for millennials, whose homeownership rates dropped from 40% in 2006 to 32% in 2015. With house prices back on the rise, sky-high rents and student loan debt, it’s not surprising that young adults today are struggling to buy their own homes.
If you have any questions about buying or selling a home in the current market, feel free to reach out to me at the MagnumOne Realty Office in Roseville at (916) 899-6571 by email to [email protected]. I would be happy to answer your questions.
We specialize serving the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.