Grand Rapids has the highest millennial homeownership rate in the U.S., according to a recent study.
A report by Porch found 56.8% of millennials in the Grand Rapids-Wyoming metropolitan area own their homes, the highest rate among 53 large metros in the U.S. and well above the national average.
Millennials have a notoriously low homeownership rate, which despite inching upward in recent years, is far lower than the rates of previous generations at the same age, according to Porch, but the rate varies widely across cities and states based on cultural factors, as well as living costs and job market conditions. At the state level, the Midwest claims the highest rates of millennial homeownership.
Los Angeles, California, had the lowest rate of millennial home owners among 53 large metros in the U.S. at 22.4%.
Summary of data for the Grand Rapids-Wyoming metro:
- Millennial homeownership rate: 56.8% (39.5% nationally)
- Median home price: $227,246 ($251,598 nationally)
- Monthly mortgage payment: $806 ($893 nationally)
- Median earnings for full-time millennials: $40,000
- Cost of living (compared to national average): 8% below average
To find where millennials are buying homes, researchers at Porch analyzed the latest data from the U.S. Census Bureau, the Bureau of Economic Analysis and Zillow.
The researchers ranked metro areas according to the homeownership rate among millennials. In the event of a tie, the metro with the larger number of millennial homeowners was ranked higher. Researchers also calculated the median home price, the typical monthly mortgage payment, median earnings for full-time millennial workers and the cost of living.
To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis.