DENVER — A little over 39% of millennials in the Denver area are homeowners, a rate that puts the Mile High City in the middle of the pack of the 53 largest U.S. urban areas and consistent with the national rate.
The Denver-Aurora-Lakewood ranking of No. 24 among metros 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.
Nationally, Porch’s analysis found the highest rates of millennial homeownership were found in metros that had lower cost of living than average and higher average earnings, making the homes more affordable.
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