Over the past decade or so, the rate of Millennials purchasing homes had been steadily dropping. This trend could be the result of several factors, including the payment of student loans – which in turn can make it more difficult to save for a down payment – as well as the rising price of housing across the board. But today, there are some in the Millennial cohort who have decided to move forward, and put their monthly housing payment towards a home that they can eventually own. So, where exactly is this all taking place?
According to data from SmartAsset, there are some areas of the country that are experiencing very high rates of Millennial home purchases. These include locations such as Elk Grove, California, where the rate of homeownership for the Millennial group was approximately 60 percent.
Once considered to be a small agricultural city, the population of Elk Grove has steadily increased over the past 15 years or so. Due in part to its housing affordability – along with its proximity to both Sacramento and San Francisco – this area has several plusses on its side.
In fact, Elk Grove, along with Roseville, California – both smaller cities that lie on the outskirts of Sacramento – each made the Top 5 list of areas where this group of young professionals are purchasing their own homes.
Likewise, home ownership for those in the under age 35 category has increased by more than 5 percent in Bakersfield. Here, too, Millennials can find affordable housing options – with a median home value that is currently in the $237,000 range. Finding homes in this price range means that Millennials can move forward on owning the “American dream,” while at the same time, not sabotaging other pressing financial commitments.
If you’re interested in learning more about the variety of affordable home options that are available in the Bakersfield area, Contact Us. We can help you in narrowing down your search for the perfect home, while still staying within your budget.