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[BUSINESS] · United States · 2 sources

Millennial homeownership rises in several U.S. cities

millennial homeownership real estate market housing trends Utah housing Generation Y

Millennial homeownership in the United States saw a significant increase between 2018 and 2023, with the number of Generation Y-owned households rising from approximately 7 million to 12.4 million. According to an analysis by RentCafe and Yardi Matrix, ownership rates outpaced renting in 82 of the 107 cities studied.

In Utah, cities such as Ogden, Provo, and Salt Lake City have seen shifts toward majority homeownership among millennials. Ogden and Provo reported high homeownership rates for the demographic at 68.3% and 67.2%, respectively, while Grand Rapids, Michigan, recorded a rate of 68.5%.

While more millennials own homes than rent in many urban areas, high property prices and mortgage rates continue to present challenges for those looking to move beyond starter homes.

Entities

Grand Rapids · RentCafe · Salt Lake City · Utah · Yardi Matrix

Sources

Millennials in this state are increasingly becoming homeowners. Here’s how some of them achieved it. - Perryville Republic Monitor [republicmonitor.com]
Millennials in this state are increasingly becoming homeowners. Here’s how some of them achieved it. - The Ponte Vedra Recorder [pontevedrarecorder.com]