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Valley's low millennial homeownership rate matches national average, report shows

New home with sold stamped across the for sale sign in yard
Posted at 11:05 AM, Jul 22, 2020
and last updated 2020-07-22 14:05:34-04

A little over 39% of millennials in the Phoenix area are homeowners, a rate that puts the Valley in the middle of the pack of the 53 largest U.S. urban areas and consistent with the national rate.

The Phoenix-Mesa-Scottsdale metro ranking of No. 26 among cities with more than a million people comes in a new analysis from home improvement services website Porch.

The report cited U.S. Census Bureau data showing the national homeownership rate among millennials clocks in a 39.5% compared with the overall national homeownership rate of 63.9%.

Factors contributing to the low rate among millennials include a propensity to delay marriage, increased student loan debt, lack of affordable housing and geographic preferences, according to the analysis, which referenced research from the Urban Institute.

Read more from the Phoenix Business Journal.