Cities Where Over 50 Percent of Millennials Own Homes

Just over 35 percent of people ages 18 to 35 own homes, compared to nearly four in 10 who did just six years ago, according to data from the Census Bureau. That is a major reason why the homeownership rate for all ages remains near its lowest level since 1965.

However, a new study released by financial firm SmartAsset found there are four cities in America that are bucking that trend. In these locations, homeownership for millennials is above 50 percent. These four cities are:

1. Elk Grove, Calif. 61%
2. Gilbert, Ariz. 57%
3. Frisco, Texas 55%
4. Port St. Lucie, Fla. 54%

Elk Grove, Calif. ranked first on the list because the homes there are nearly a third of the cost of homes in San Francisco. It is also only 20 minutes to Sacramento, the state capital with plenty of technology jobs, and under two hours to San Francisco, according to Asees Singh, a spokesperson for the site.

The other three cities that made the list are just short drives to major cities with jobs — Phoenix, Dallas and Miami respectively — says Singh. In Port St. Lucie, the median home price is under $180,000 versus $190,000 nationwide.

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In this issue:

12 Surprising Facts about Millennial Homebuyers

Cities Where Over 50 Percent of Millennials Own Homes

Citigroup to Exit Mortgage Servicing Business by 2018

House Flipping Frenzy Returns to U.S. Real Estate

Mortgage Volume Increases by 3.3 Percent as Borrowers Rush to Beat Rising Rates

Survey Shows Smart Home Devices Still in Early Adopter Phase

U.S. Home Prices Hit a 2.5-Year High

Wall Street Eyes Shopping Malls as Next U.S. Credit Crisis

Northeast Has Most New Home Starts

Landscaping Tips to Improve Curb Appeal

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