Highest Millennial Home Ownership – St. Louis, MO
ST. LOUIS, MO: (STLRealEstate.News) As people are saying today, “Surprise, Surprise – millennials can’t afford a home in Silicon Valley.” No, they certainly cannot. But, of the adults ages 18 to 35, close to 35% of them call St. Louis home, the highest national average for millennial home-ownership as of August 2016. The lowest rate of home-ownership for millennials occurs in San Francisco and the San Jose metropolitan where only 6-7% can even dream of calling a home their own. Why? The skyrocketing standard of living and simply impossible real estate prices make it an idea rather than a reality.
Millennials are faring way better in Houston (27%), Salt Lake City (32%), and St. Louis, with a whopping 35%.
“The high cost of home-ownership is delaying buying among those aged 25-35, the years when home buying accelerates,” Earnest Magazine tells us. The dismal San Francisco and San Jose ownership rates stand in contrast to another set of numbers: “These job hubs also have the highest median incomes in Earnest’s data-set for this age range: $81,000 in San Francisco and $86,000 in San Jose, as compared with $56,000 across the U.S. overall.”
What does this tell us? St. Louis’ booming real estate market has caught the attention of young adults nationwide.