Top 20 Cities for Aspiring Millennial Homeowners

Millennials should consider these U.S. metro areas when looking to buy a home

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Jan 23, 2018, 12:48 ET

LOS ANGELES, Jan. 23, 2018 /PRNewswire/ -- Minneapolis offers the best chance for millennials to successfully buy and own a home, found a new study by personal finance website GOBankingRates.

The study revealed that 42.4 percent of millennials in the city own their living space, which is the highest percentage of millennial homeowners of any city on the list.

Minneapolis, St. Louis and Nashville are the cities that offer millennials the best chance of owning a home, found a new study by GOBankingRates.

To determine the best cities for millennial home buyers, GOBankingRates analyzed the top 50 metro areas in the U.S. based on the following factors:

Unemployment rate, sourced from the Bureau of Labor Statistics
The percentage of millennials who own homes, sourced from Adobo
The average millennial home value, sourced from Adobo
Mortgage affordability, sourced from Zillow

For more details on methodology and to view the full study, please visit: Best Cities for Aspiring Millennial Homeowners

Top 5 Cities for Aspiring Millennial Homeowners

1. Minneapolis

Percentage of millennial homeowners: 42.4 percent
Average millennial home value: $222,528
Unemployment rate: 2.3 percent

2. St. Louis

Percentage of millennial homeowners: 40.2 percent
Average millennial home value: $167,791
Unemployment rate: 2.7 percent

3. Nashville

Percentage of millennial homeowners: 37 percent
Average millennial home value: $213,090
Unemployment rate: 2.3 percent

4. Indianapolis

Percentage of millennial homeowners: 37.4 percent
Average millennial home value: $161,856
Unemployment rate: 3.2 percent

5. Kansas City, MO

Percentage of millennial homeowners: 37.1 percent
Average millennial home value: $170,254
Unemployment rate: 3.2 percent

Additional Insights

More than 40 percent of millennials in Minneapolis, St. Louis and Detroit are homeowners.
Despite relatively high home prices and mortgages in Nashville, the city ranks No. 3 on the list due to its thriving job market.
Pittsburgh has the most affordable mortgages of any city included in this study. The city also boasts a high percentage of millennial homeowners, with 37.5 percent owning their living spaces.

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

Contact:

Natalie Richter, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x137

SOURCE GOBankingRates