Affordable homes, low unemployment rates, and high-paying jobs, apart from what city will give them the best chance of success, are some of the factors that aspiring millennial homeowners look at while searching for their ideal home. According to a study by GOBankingRates [1], Minneapolis rates high on all these factors, making it a city with the most number of millennial homeowners.
In the study [2] that was released on Tuesday, GOBankingRates analyzed the largest 50 metro areas in the U.S., on their unemployment rates, millennial home ownership levels, millennial home values and mortgage affordability to rank the 20 most desirable cities for aspiring millennial homeowners.
With a millennial homeownership of 42.4 percent—the largest number of millennial homeowners compared to other metro areas—Minneapolis topped this list. The city had an average millennial home value of $222,528 and the lowest unemployment rate at 2.3 percent. The study indicated that even though the home prices in Minneapolis were relatively higher to other cities on the list, mortgages were relatively affordable and the city ranked highly among millennials thanks to high salaried jobs available there.
Coming in second was St. Louis with an average millennial home value of $167,791 and its relatively affordable mortgage as well as low unemployment rate. The study said that over 40 percent millennials in this city were homeowners thanks to a vibrant startup scene.
Nashville, Tennessee with an average millennial home value of $213,090; Indianapolis, Indiana with an average millennial home value of $161,856; and Kansas City, Montana with an average millennial home value of $170,254 rounded up the top 5 of the 20-city list.
Other cities that made it to the list included, Louisville, Kentucky; Oklahoma City, Oklahoma; Detroit, Michigan; Pittsburg, Pennsylvania; San Antonio, Texas; Cincinnati, Ohio; Charlotte, North Carolina; Dallas-Fort Worth, Texas; Raleigh, North Carolina; Denver, Colorado; Columbus, Ohio; Jacksonville, Florida; Austin, Texas; Richmond, Virginia; and Milwaukee, Wisconsin.