There’s new evidence that younger Americans are beginning to form households of their own at a faster rate than before. And, though young adults are more likely to become renters before they become buyers, the rate at which millennials are pursuing homeownership really depends more on where they live than anything else. Proof of that can be found in the latest Ellie Mae Millennial Tracker, which tracks the mortgage application activity of Americans born between the years 1980 and 1999. According to the latest results, the most popular metro areas among millennial buyers were those in the Midwest. But does that really mean young Americans are flocking to small, Midwestern cities? Well, not exactly. “What this data shows is where there is an inventory of affordable homes, the millennial buyers are ready to enter the market,” Joe Tyrrell, Ellie Mae’s executive vice president of corporate strategy, said. In other words, because affordability conditions are more favorable for buyers in the Midwest, there are more young Americans deciding to buy rather than rent. However, regardless of where you live, the results indicate a strong desire for homeownership among millennials, which should help keep buyer demand healthy for years to come. More here.
