According to Primary Residential Mortgage Inc., Millennials are currently the largest class of homebuyers in the market. It may come as a surprise to some, but this young, tech-savvy generation is still set on finding a home, even during a volatile market with rising interest rates and fewer homes on the lower end of the market.
The average millennial spends nearly $93,000 on rent by the time they turn 30, according to RENT Café – making this young generation well aware of the value of homeownership. A key driver in this trend is technology. Millennials are taking advantage of easy-to-access online digital loan applications and fast and easy mortgage approvals, which can take as little as 10-15 minutes.
The cities whole Millennial populations are the least likely to own homes are largely expensive coastal cities or smaller college towns. Los Angeles-Long Beach-Anaheim, CA has the lowest percentage of Millennial homeowners in the country.
Check out the rankings of large, medium and small cities by Millennial homeowners as well as the average home value in the charts below.