Homeownership rates are down across the board, but they're dropping most among millennials, who saw rates plunge from 40 percent in 2006 to 32 percent in 2015.
However, in a few American cities, millennials are bucking the trend, opting to buy over rent, according to a recently released analysis by SmartAsset.com that looked at homeownership rates among household heads who were less than 35 years old.
Researchers found that in some cities the homeownership rate for millennials is quite high, such as in Elk Grove, Calif. The millennial homeownership rate there was a whopping 60 percent in 2015. That percentage is much higher than other locales that are seeing some of the lowest number of millennials buying at just 11 percent, such as in Orlando, Fla., or Cleveland, Ohio. The Northeast region is also seeing some of the lowest in purchasing from millennials.
SmartAsset.com identified the following 10 cities as where millennials are buying up homes at the fastest rates:
Source: “Where Are Millennials Buying Homes?” SmartAsset.com (Jan. 10, 2017)
- 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.