Researchers at Porch, a marketplace for home services, analyzed the latest data from the U.S. Census Bureau, the Bureau of Economic Analysis, and Zillow, to find the states where millennials are buying homes.
The researchers ranked metro areas according to the homeownership rate among millennials. In the event of a tie, the metro with the larger number of millennial homeowners was ranked higher. Researchers also calculated the median home price, the typical monthly mortgage payment, median earnings for full-time millennial workers, and the cost of living.
The analysis found that in Virginia, 40.1 percent of millennials own their homes.
Here is a summary of the data for Virginia:
- Millennial homeownership rate: 1 percent
- Median home price: $293,818
- Monthly mortgage payment: $1,042
- Median earnings for full-time millennials: $45,000
- Cost of living (compared to national average): 2 percent above average
For reference, here are the statistics for the entire United States:
- Millennial homeownership rate: 5 percent
- Median home price: $251,598
- Monthly mortgage payment: $893
- Median earnings for full-time millennials: $40,000
- Cost of living (compared to national average): N/A
For more information, a detailed methodology, and complete results for all states, here is the the original report on Porch’s website: porch.com/advice/millennials-buying-homes.
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