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.
