Uncategorized April 18, 2023

More than half of Columbus millennials are homeowners

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.


  • 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.