Where millennials are buying homes, according to new study

It’s no secret that many millennials are struggling with the dream of homeownership. The majority of millennials don’t meet the credit score requirements to get a mortgage from Fannie Mae, and nearly a third of them still live with mom and dad. From 2006 to 2015, millennial homeownership rates fell from 40 percent to just 32 percent.

But there are a few places bucking the trend, according to a new study based on census data from SmartAsset. The analysis found that cities like Sioux Falls, South Dakota; Elk Grove, California; and Peoria, Illinois, have actually experienced rising rates of millennial home-buying. In Northern California, Elk Grove and Roseville are especially examples of suburban satellite cities that take advantage of a larger city nearby with good jobs, in this case Sacramento.

SmartAsset

Fort Wayne, Indiana, has the cheapest median home value on the list at $105,900. The most far-flung town to break the top ten is Anchorage, Alaska, where millennial homeownership has risen 0.5 percent since 2006.

No huge surprise: The part of the country where it seems most difficult for millennials to buy homes is the Northeast. Explore the full report here.

Via: Smart Asset, Construction Dive