Yahoo Finance 10 Small US Metros Where Millennials Are Buying Homes
There has been a downward trend in home buying since 2022, but not for millennials, according to a new report from Construction Coverage. It says that millennials are snapping up more homes across the country than any other demographic. According to the report, millennials in northeastern states represent the largest share of home purchase loans, in states such as Massachusetts (64.5%), New York (63.8%) and New Jersey (63%). However, Midwestern states such as Minnesota (62.9%), Illinois (62.6%) and North Dakota (62.4%) also appear high in the ranks.
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10. Yuba City, California
Millennial share of home purchase loans: 62.4%
It’s no surprise millennials are moving to the bucolic northern California town of Yuba City. Here the median home value is among California’s most affordable, at $323,700, and more people own homes (56%) than rent (44%). Yuba City is located 40 miles north of Sacramento, blending urban and agricultural elements for a town that feels small though it has a population of nearly 70,000 people. Outdoor lovers will enjoy what Yuba City has to offer, with its proximity to the Feather River.
9. Morgantown, West Virginia
Millennial share of home purchase loans: 63.2%
Millennials are snatching up homes in Morgantown, West Virginia, home to West Virginia University, with a population of around 30,000. Located on the Monongahela River, Morgantown offers a beautiful environment, a low crime rate and plenty of amenities in the Appalachian Mountains. It’s also only 75 miles from the big city of Pittsburgh. The median home price here is $261,229.
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8. Bloomington, Illinois
Millennial share of home purchase loans: 63.4%
With a median home value of $168,800, it’s easy to see why more people own (61%) than rent (39%) in Bloomington. Bloomington is conveniently serviced by two railroad lines and Amtrak, and home to a small airport. According to the city’s website, Bloomington is an agriculturally rich and diverse economy home to major manufacturers and industries, which bodes well for jobs and employment. The average Bloomington resident earns just under $60,000 per year.
7. Burlington-South Burlington, Vermont
Millennial share of home purchase loans: 63.6%
Burlington-South Burlington is a visually stunning metro in Vermont, situated along Lake Champlain. For a relatively small metro, with less than 45,000 people, it has the bustle and amenities, nightlife, culture and business of a much larger city. Burlington is a college town — you’ll find Champlain College, the University of Vermont and the University of Vermont Medical Center here.
6. Hanford-Corcoran, California
Millennial share of home purchase loans: 63.9%
Hanford-Corcoran is an agricultural metro in the south-central San Joaquin Valley of California, with a population of around 59,000. According to the city website, “Hanford is proud of its small-town charm and rich history and offers its residents a high quality of living along with larger-city amenities.” The median home value is around $250,000, and more people rent (61%) than own (39%).
5. Logan, Utah-Idaho
Millennial share of home purchase loans: 64%
With a population of just over 52,000, Logan is another beautiful location, this one located in the Bear River Range. Outdoor lovers clamor to visit for its fishing, biking, skiing, golfing and hiking. The median home value is $238,400. Right now more people rent (61%) than own ( 39%), but that may be changing as more millennials purchase homes here.
4. El Centro, California
Millennial share of home purchase loans: 64.2%
The desert metro of El Centro, California, has just shy of 45,000 people. The median home price is $221,500, and renting (51%) only outpaces owning (49%) by a few percent. El Centro is only 15 minutes from Mexicali, Baja California, and a major stopping point for people passing to and from San Diego, San Francisco and Phoenix. For people who love the natural desert setting, with its unique flora and fauna and who like the ability to make trips over the border into Mexico, it’s a perfect town.
3. Kingston, New York
Millennial share of home purchase loans: 65.5%
Kingston is a metro about 106 miles from New York City. With a population under 24,000, Kingston is one of the smaller metros on this list, but it still offers the amenities of both city life and suburbs, with plenty of places to eat, drink and spend time outside. It’s home to young families and young professionals, with good ratings on schools. The median home price is $198,900.
2. Fargo, North Dakota-Minnesota
Millennial share of home purchase loans: 65.8%
The metro of Fargo includes Fargo, Moorhead and West Fargo, with a population of about 125,000 and was made famous by the movie of the same name and the TV series. The city prides itself on its many rich cultural influences, “entrepreneurial spirit” and visually appealing downtown. Its website coyly says, “Experience north. North of Normal.” The median home value here is around $232,900, and more people rent (55%) than own (45%) but that may change as more millennials buy in.
1. Midland, Texas
Millennial share of home purchase loans: 70.3%
Midland, Texas, has a population of over 130,000. According to the town’s website, Midland is “the heart of West Texas,” a place shaped by ranchers, oil and Southern spirit. Midland is located between Fort Worth and El Paso, and is easily accessible by air and road. It’s a great location for people who want to travel to such places as Big Bend National Park and other desert attractions. The median home price is $250,300.
Methodology: To determine the locations where millennials are buying homes, researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council. The researchers ranked metropolitan areas according to the millennial share of conventional home purchase loans originated in 2022. For the purpose of this analysis, millennials were considered to be those age 25-44 in the year 2022. In the event of a tie, the location with the greater total number of millennial home purchase loans was ranked higher.
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