Millennials – Consider these U.S. metro areas to buy a home

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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. (PRNewsfoto/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.

 

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