For years, we’ve been hearing that the millennial generation is slacking when it comes to homeownership. But, according to the latest data from the Census Bureau, millennials are over that 50% threshold of being homeowners. Right now, the percentage of millennials who own homes is 51.5%.
So, where are these millennials buying homes? As it turns out, one Michigan city has the highest percentage of millennials who own homes in all of America. Millennials, if you’re wondering, are generally born from 1981 to 1996, although some ranges have them being born earlier.
The report comes from ApartmentList.com. In the study, they explain that older generations, of course, have higher homeownership rates today than millennials. Also, millennials have hit that 50% homeownership slower than previous generations. In fact, that’s trend, which is disturbing from an economic standpoint. As the article descries, “At each stage of life, the last three generations have bought homes slower than the generation that preceded them. Millennials have had the slowest transition from renters to homeowners. By age 30, 42 percent of millennials owned their homes, compared to 48 percent of gen Xers, 51 percent of baby boomers, and nearly 60 percent of silents. That gap persists through their 30s and into their early 40s.”
So, which Michigan city is the No. 1 city in the U.S. for Millennial homeownership? Grand Rapids, where 63% of millennials own their homes, Apartment List’s 2023 Millennial Homeownership Report. Another Michigan city is in the top 10, to boot. That’s Detroit, which is No. 7 with a rate of about 55%. The report adds the Midwest and Great Lakes regions offer “some of the country’s lowest cost of living and highest residential vacancy rates.” If you’re wondering about other hot cities on the list, Minneapolis is No. 2 and Cincinnati is No. 3. If you’re a millennial looking for a home, check out these places. Find Apartment List’s 2023 Millennial Homeownership Report here.