Young Homeowners Love These Iowa and South Dakota Cities
More and more young Americans are finding the dream of homeownership a bit out of reach these days.
A volatile economy coupled with a shortage of affordable, quality houses are forcing more and more millennials to either rent or return home to live with Mom and Dad.
In fact, homeownership among millennials (born 1981-1996) is down nearly ten percent compared to Gen Xers (1965-1980) and Baby Boomers (1946-1964) at the same age.
But a couple of local housing markets are helping to buck that trend.
A recent story on TheEagle.com quotes a study from NashvillesMLS.com that looked at homeownership data from the U.S. Census Bureau to determine which metro areas have the highest share of homeowners under the age of 35.
Sioux Falls has the nation's eighth-highest percentage of homeowners under the age of 35, with 17.35 percent of the city's 69,174 housing units owned by millennials.
The study points to South Dakota's lack of state income tax, an abundance of 'stable, well-paying jobs', and home prices 21 percent below the national average as the main factors for Sioux Falls' stellar showing.
Over in Iowa, they've got a housing market that is also proving very favorable to young homeowners.
Iowa City is the 11th most popular metro among millennials, with 16.41 percent of the city's 41,512 housing units owned by someone under age 35.
Low crime, a low cost of living, easy access to outdoor activities, and a highly educated population all make Iowa City popular with young homeowners.
Utah, Texas, and North Dakota led the way with two markets each in the top ten, while the eastern North Carolina city of Jacksonville is the runaway number-one pick for millennials, with more than one-quarter of their homes owned by someone under age 35.
MOST POPULAR METROS AMONG YOUNG HOMEOWNERS (% under age 35)
- Jacksonville, North Carolina - 25.92%
- Provo, Utah - 19.25%
- Odessa, Texas - 18.91%
- Logan, Utah - 18.03%
- Midland, Texas - 18.03%
- Clarksville, Tennessee - 17.75%
- Fargo, North Dakota - 17.74%
- Sioux Falls, South Dakota - 17.35%
- Bismarck, North Dakota - 16.86%
- Auburn, Alabama - 16.56%
- Iowa City, Iowa - 16.41%