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Where millennials are buying homes, according to new study

The rental generation turns to homeownership in these cities

house Matthew Hurst/Flickr

It’s no secret that many millennials are struggling with the dream of homeownership. The majority of millennials don’t meet the credit score requirements to get a mortgage from Fannie Mae, and nearly a third of them still live with mom and dad. From 2006 to 2015, millennial homeownership rates fell from 40 percent to just 32 percent.

But there are a few places bucking the trend, according to a new study based on census data from SmartAsset. The analysis found that cities like Sioux Falls, South Dakota; Elk Grove, California; and Peoria, Illinois, have actually experienced rising rates of millennial home-buying. In Northern California, Elk Grove and Roseville are especially examples of suburban satellite cities that take advantage of a larger city nearby with good jobs, in this case Sacramento.

SmartAsset

Fort Wayne, Indiana, has the cheapest median home value on the list at $105,900. The most far-flung town to break the top ten is Anchorage, Alaska, where millennial homeownership has risen 0.5 percent since 2006.

No huge surprise: The part of the country where it seems most difficult for millennials to buy homes is the Northeast. Explore the full report here.

Via: Smart Asset, Construction Dive