Minnesota millennials are ahead of the rest of the nation when it comes to buying their first home. According to Abodo, 42.4 percent of millennials in the Twin Cities own a home, which is the highest when comparing the largest 45 metro areas. Nationally, 35.6 percent of millennials are homeowners.
The homeownership rate for millennials has now grown for three consecutive quarters. Nick Hackworthy, president of Creative Homes, says they are seeing an uptick in millennials that are looking at new construction.
“We are seeing that once millennials have the buying power they are attracted to new homes,” said Hackworthy. “Even if they can’t afford to buy new right now they are looking at it for the future. Many are attracted to the fact that a new home requires little repair or maintenance and they like the simplicity of the new layouts.”
The overall homeownership rate rose from 63.7 percent to 63.9 percent in the third quarter. The Midwest outpaced the national average at 69.1 percent and Minnesota outpaced the Midwest with a 72.8 percent homeownership rate.