For the first time, millennial homeowners now outnumber millennial renters,
The Columbus area’s share of millennial homeowners grew by nearly 29% over the past five years.
- 52% of millennials nationwide owned a home in 2022 and 51% did in the Columbus metro area, according to a new RentCafe report.
- But that’s a modest jump compared to other major Ohio cities: Cleveland grew by 37%, Dayton by 65% and Akron by a whopping 143%.
- Millennial homeownership actually decreased in Toledo (6.6%) and Cincinnati (16.3%) during that time. Cue the avocado toast jokes.
Local home values rose by more than 50% over the last five years, while income increases averaged only 15%,
Why it matters: Homeownership is traditionally an important coming-of-age milestone, one that’s taken a majority of millennials longer to achieve than earlier generations.
- The average age of a first-time millennial homebuyer is 34, compared to 33 for baby boomers and 32 for Gen X.
State of play: It’s tougher than ever to save for a down payment and buy a starter home amid rising rent prices and creeping mortgage rates.
- But millennials (those born between 1981-1996) are now reaching middle age and finally starting to earn enough money to afford the costs.