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Top 5 Cities for Aspiring Millennial Homeowners

January 30, 2018 1:12 am

Are you a millennial dreaming of owning your own home? You're far from alone. Becoming a homeowner is high on the list for many millennials, and a new study from GoBankingRates broke down the best spots to buy.
To determine the best cities for millennial home buyers, GOBankingRates analyzed the top 50 metro areas in the U.S. based on the following factors:

- Unemployment rate, sourced from the Bureau of Labor Statistics
- The percentage of millennials who own homes, sourced from Adobo
- The average millennial home value, sourced from Adobo
- Mortgage affordability, sourced from Zillow

The outcome? Turns out, more than 40 percent of millennials in Minneapolis, St. Louis and Detroit are homeowners. Despite relatively high home prices and mortgages in Nashville, the city ranks No. 3 on the list due to its thriving job market. Pittsburgh has the most affordable mortgages of any city included in this study. The city also boasts a high percentage of millennial homeowners, with 37.5 percent owning their living spaces.

Below are the 5 hottest home owning spots for millennials.

1. Minneapolis
- Percentage of millennial homeowners: 42.4 percent
- Average millennial home value: $222,528
- Unemployment rate: 2.3 percent

2. St. Louis
- Percentage of millennial homeowners: 40.2 percent
- Average millennial home value: $167,791
- Unemployment rate: 2.7 percent

3. Nashville
- Percentage of millennial homeowners: 37 percent
- Average millennial home value: $213,090
- Unemployment rate: 2.3 percent

4. Indianapolis
- Percentage of millennial homeowners: 37.4 percent
- Average millennial home value: $161,856
- Unemployment rate: 3.2 percent

5. Kansas City, Mo.
- Percentage of millennial homeowners: 37.1 percent
- Average millennial home value: $170,254
- Unemployment rate: 3.2 percent

Source: GOBankingRates

Published with permission from RISMedia.