While it’s often a joke that millennials live in their parents’ basements, a recent survey found people ages 18-34 make up a large part of the housing market in St. Louis.
Millennials currently make up 40.2 percent of all homeowners in St. Louis, according to a survey by the apartment listing company ABODO. The number is expected to grow if housing remains affordable.
“It does not really surprise me,” says St. Louis REALTORS President Barry Upchurch, “that we are among the top 10 cities nationwide with an extraordinarily high percentage of millennial homeownership.”
The survey analyzed millennial homeownership in 100 of the largest metropolitan cities in the United States. Key factors of the study include affordability, quality of life and job opportunity.
Upchurch says the reasons are simple, “We have had a consistently strong and affordable real estate market in St. Louis for the last year-and-a-half, and we have a great quality of life. Couple those two factors with our excellent job opportunities here, and it is easy to see how St. Louis has become a beacon for first-time buyers – including millennials.”
The St. Louis REALTORS housing report for June found the median sales price for housing remains at $188,000.
Ogden, Utah took the top spot with 51 percent of millennial homeownership.
ABODO's top 10
1. Ogden-Clearfield, Utah
2. Grand Rapids, Wyoming 45.3 percent
3. Des Moines, Iowa 43.6 percent
4. McAllen, Texas 43.3 percent
5. Minneapolis-St. Paul, Minnesota 42.4 percent
6. Scranton, Pennsylvania 41.9 percent
7. Baton Rouge, Louisiana 41 percent
8. Boise City, Idaho 40.6 percent
9. Detroit, Michigan 40.2 percent
10. St. Louis 40.2 percent
Cities on the lower end of millennial homeownership include Los Angeles, California with 17.8 percent and Honolulu, Hawaii with 18.3 percent.