Millennial home buyers have struggled against high student debt loads, rising home prices, the Great Recession and now the pandemic. But here in Chicago, Millennial home buyers are doing better than most of their counterparts around the country.
This insight comes from Porch.com, which evaluated data from the U.S. Census Bureau, the Bureau of Economic Analysis and Zillow to figure out where Millennial home buyers were the most successful. The Porch study also looked at median home prices, average mortgage payments, median wages and the cost of living for areas with a population of 100,000 or more.
The study revealed that the Chicago Metropolitan Statistical Area has a Millennial home ownership rate of 41%, which is better than most major U.S. metros. Out of the 53 metropolitan areas included in the study, Chicago came in at #21 for Millennial homeowners.
Part of Chicago’s charm is the fairly balanced relationship between incomes and home prices. Statistically, the median home price of $243,752 is within reach of the median wage of $47,000. Chicago’s overall cost of living is also lower than other large cities, which helps make home ownership affordable and sustainable.
Of course, these are broad averages based on a nine-county statistical area. Local market conditions can be more challenging – or more optimistic – depending on your home buying budget and neighborhood.
StartingPoint Realty – Specializing in first-time Chicago home buyers!
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Ryan Gable Broker/CEO Starting Point Realty
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