As it pertains to homeownership, millennials represent a more diverse group of individuals than do older generations because of their younger age. The millennial generation includes both individuals who recently graduated college and also those who have accumulated a decade or more of work experience. While younger millennials—many of whom have student loan debt and are not married—may not yet be considering a home purchase, older millennials have entered prime homebuying years. As such, age is an especially strong determinant of homeownership for millennials.
In addition to age, millennial homeownership rates vary substantially by location, largely depending on home prices, local job market conditions, and other cultural factors. On a regional level, the Mountain states and the Midwest have the highest rates of millennial homeownership. Wyoming and Minnesota have the highest millennial homeownership rates in the country, at 59.4% and 55.1%, respectively. At less than $280,000, Wyoming’s median home price is lower than the national median of $303,000, and millennial median income in Wyoming is about the same as the national median. Conversely, California, which is home to some of the most expensive housing in the country, has the lowest rate of millennial homeownership, at just 30%. Other states with above average home prices and low millennial homeownership rates include New York, Hawaii, Nevada, and Massachusetts.