Millennials are the homebuying majority

The millennial generation, born between 1981 and 1996, has been much maligned in popular culture, often depicted as entitled and lazy. However, when it comes to the housing market, millennials are proving to be a driving force, accounting for a significant portion of homebuyers in many major metro areas across the United States.

Here are some of the cities where millennials are and aren’t buying homes:

Where Millennials Are Buying Homes

1. Denver, CO: According to a recent report by Realtor.com, millennials make up the largest group of homebuyers in Denver, accounting for 47% of all purchases.
2. Seattle, WA: In Seattle, millennials make up 40% of homebuyers, according to the same Realtor.com report.
3. Austin, TX: In Austin, millennials make up 35% of homebuyers, according to the National Association of Realtors.
4. Portland, OR: In Portland, millennials make up 34% of homebuyers, according to the National Association of Realtors.
5. Minneapolis, MN: In Minneapolis, millennials make up 34% of homebuyers, according to the National Association of Realtors.

Where Millennials Aren’t Buying Homes

1. New York, NY: Despite its reputation as a millennial hotspot, New York City has one of the lowest homeownership rates among millennials in the country, with only 16% of millennials owning homes, according to a recent report by Abodo.
2. San Francisco, CA: San Francisco is another notoriously expensive city where homeownership is out of reach for many millennials. According to a recent report by SmartAsset, only 18.5% of millennials in San Francisco own homes.
3. Miami, FL: Miami has one of the lowest rates of millennial homeownership in the country, with only 20% of millennials owning homes, according to a recent report by Abodo.
4. Los Angeles, CA: Los Angeles is another expensive city where homeownership is out of reach for many millennials. According to a recent report by SmartAsset, only 20.9% of millennials in Los Angeles own homes.
5. Chicago, IL: Despite being a major metro area, Chicago has one of the lowest rates of millennial homeownership in the country, with only 21.7% of millennials owning homes, according to a recent report by SmartAsset.

In conclusion, millennials are a significant force in the housing market, with many major metro areas across the United States seeing a surge in millennial homebuyers. However, the cost of living and housing prices in some cities make it difficult for millennials to achieve their dreams of homeownership, leading many to delay purchasing a home or consider alternative forms of homeownership.