Derek Miller Jan 10, 2017
Peoria just ranked 5th in SmartAsset.com’s 2017 edition of where millenials are buying homes.
Homeownership rates are on the decline for all age groups across the country, data from the U.S. Census Bureau shows. This trend is particularly pronounced for millennials, whose homeownership rates dropped from 40% in 2006 to 32% in 2015. With house prices back on the rise, sky-high rents and student loan debt, it’s not surprising that young adults today are struggling to buy their own homes. However in some American cities, millennials are bucking the trend and buying rather than renting. Below we comb through the data to find out where are millennials buying homes.
5. Peoria, Illinois
Peoria, Illinois takes fifth place in our ranking of where millennials are buying homes. In 2006, 26.9% of young adults in Peoria owned their homes. In 2015 that number jumped 8%, the highest increase in the study, to 34.9%. Millennials are probably attracted to the affordable homes which can be bought here. The median home value is $132,000, the second-lowest in our top 10.
Read the full article here – SmartAsset.com
This is the second annual edition of this study. Read the 2016 version of Where Are Millennials Buying Homes? here.