Millennials, born between 1981 and 1996, have positioned themselves as the largest cohort of homebuyers, outpacing both Baby Boomers and Gen Z. While many are purchasing homes to start or grow families, others are building equity or simply escaping rising rental costs. But the leap to buying a home can be easier or harder depending on the location. Based on the most recently available mortgage data, Millennials in the leading metro areas are buying homes at up to 13 times the rate of others.
With this in mind, SmartAsset ranked the 40 largest U.S. metro areas based on the percentage of local Millennials who successfully purchased a home in 2022, while examining the values of these homes and the annual incomes of this age group.
To find where Millennials are buying homes at the fastest rates, SmartAsset reviewed Home Mortgage Disclosure Act data for 2022. Specifically, originated mortgages for people between age 25 and 44 was considered, relative to the size of the local population of Millennials in the same year and metro area as according to the U.S. Census Bureau. The median income of new Millennial homeowners, as well as subject property value, were also considered.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.