JLL Minneapolis – St. Paul Snapshots:
Minneapolis is #1 for Millennial homeownership among all large metros
• Not all Millennials are living in their parents’ basement and eating avocado toast. Nationally, 32.1% of people aged 18 to 35 years own their own house or condo. Minneapolis-St. Paul is the leader among all large metros with a Millennial homeownership rate of 42.4%.
• In many cases, an affordable housing market enables young people to buy their first home. Lower-cost regions like Detroit and Louisville fall close behind Minneapolis’ #1 rank. Young homeowners in peer Midwest markets have an average home value of $171,877. Yet Minneapolis’ Millennials have an average home value of $222,528, significantly greater than the price of most starter homes. This is indicative of greater-than-average purchasing power, driven by the region’s healthy household incomes and strong job market.
Click to download JLL Minneapolis – St. Paul Snapshot: June 26, 2017