By admin 
A recent analysis of metropolitan areas across the country has found that millennials are buying more homes than ever, including in Sacramento.
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Research by RentCafe shows that from 2018 to 2023, millennial homeownership in the United States increased by 74%. Around 5.3 million millennials became homeowners over those five years.
Of the 107 metropolitan areas examined, Sacramento ranked 35th for millennial homeownership growth with a 79.5% increase. Millennial-owner households rose from 69,517 to 124,760 in the area.
Millennials, as defined by the Pew Research Center, are those born between 1981 and 1996 (those aged 30 to 45). They are the largest generation in the U.S. numbering around 75 million and account for 21.8% of the country’s total population.
While the number of millennial renters also grew during this period — up around 600,000 households nationally — its growth was more modest at 5%. In Sacramento that change was negative, down 2.8% from 124,770 renting households in 2018 to 121,232 households in 2023.
Sacramento-area millennial homeowners narrowly outnumbered their renting counterparts, accounting for 50.7% of the share of homes in 2021. Sacramento ranked 78th for highest share of millennial-owned households.
Around three out of four (83 of the 107) metropolitan areas examined in the study had more millennial homeowners than millennial renters. Millennials first crossed the threshold from a renter-majority to an owner-majority in 2022, also according to RentCafe.
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Where are more millennials buying homes?
Medium and small-sized metropolitan areas in California and Florida lead the pack for increases in millennial homeownership. They include: North Port, Leland and Jacksonville in Florida; and Stockton and Oxnard in California. The study attributes this to affordable home prices, manageable inflation, strong income growth and a higher quality of life in these areas.
“For California, the growth can be explained by the fact that homeownership is now on the rise among the older members of the generation. Many younger millennials had previously delayed buying a home due to student debt and high costs, but now they’re finding options that fit their budgets in a handful of affordable oases, like Stockton and Fresno, where housing costs are below the state average,” said Veronica Grecu, a senior writer and research analyst at RentCafe, in a July 15 article.
Smaller urban areas likely also benefited from pandemic-era migration patterns when large amounts of people moved out of larger cities, as seen in research from the Brookings Institute.
However, several large urban areas still made the list, including San Antonio, Miami, Philadelphia and New York with millennial homeownership growth rates ranging from 89% to 106%. The study attributed these outliers to diverse job opportunities and healthy income gains in these areas.
The RentCafe study examined metropolitan areas with 50,000 or more millennial households in 2023. It also used data from the University of Minnesota’s Integrated Public Use Microdata Series.
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