Two Utah cities are among the top in the country for millennials owning houses.
Homeownership among the generation of people born between 1981 and 1996 increased from 7 million to 12.4 million households in five years.
In many major cities, more than half of millennials own their home, mostly with dual incomes, said Doug Ressler, manager for business intelligence with Yardi Matrix, a business intelligence and market research platform for commercial real estate.
In Utah, more than 67% of millennials own their home in Ogden and Provo, according to a RentCafe and Yardi analysis of individual-level data from the U.S. Census Bureau and wage data from other federal agencies.
That’s the second- and third-highest rates of the 107 cities included in the national analysis.
RentCafe credited “strong income growth” among the generation’s workers and “manageable local price growth.”
Provo has had particularly strong income growth, Ressler said, and median home prices in Ogden are below the national average.
The Salt Lake Tribune wants to hear from Utahns — especially millennials — about what made it possible for them to buy their home or what barriers they still face.
A survey is available below and at https://forms.gle/5tnxva6Gum6bjPPT6.
We appreciate you sharing your thoughts. We take your privacy seriously and will not use your name or contact information without your consent.
Megan Banta