2024 Homeownership Trends: Provo, Utah Has 38.8% Young Adult Homeowners; See the Full Top 20 List

Spread the love

According to Newsnationanow, Buying your first home is both thrilling and daunting. All that saving and searching can feel overwhelming, especially if you’re unsure where you’d like to settle down.

Recent research by MoneyGeek sheds light on the top cities in the U.S. where young adults, defined as those under 25, are making their mark in the housing market. By analyzing data from the 2022 American Community Survey by the U.S. Census Bureau, MoneyGeek identified the cities with the highest proportions of young homeowners. Nationally, only about 4% of homeowners are under 25, but this percentage varies significantly by location.

Here are the top 20 cities where young adults constitute the largest share of homeowners:

  1. Provo, Utah: 38.8%
  2. Bloomington, Indiana: 32.5%
  3. College Station, Texas: 31.6%
  4. Davis, California: 28.7%
  5. Gainesville, Florida: 26.7%
  6. Kalamazoo, Michigan: 26%
  7. Ann Arbor, Michigan: 24.8%
  8. Iowa City, Iowa: 24.8%
  9. Champaign, Illinois: 23.1%
  10. Greenville, North Carolina: 22.4%
  11. Boulder, Colorado: 22.2%
  12. Lawrence, Kansas: 21.7%
  13. Tallahassee, Florida: 21.4%
  14. Flagstaff, Arizona: 19.3%
  15. Fayetteville, Arkansas: 18.6%
  16. Madison, Wisconsin: 18.4%
  17. Tempe, Arizona: 17.6%
  18. Waco, Texas: 17%
  19. Bryan, Texas: 16.9%
  20. Columbia, Missouri: 16.9%

Provo, Utah, stands out as the leading city where young adults represent about 39% of homeowners. Remarkably, young adults in Provo own more homes than any other age group, including those aged 25-44, 44-65, and over 65. Along with Provo, Bloomington, Indiana, and Davis, California, are the only cities where young adults outnumber other age groups in homeownership. These cities are known for their strong university presence.

Interestingly, many of the top cities for young homeowners also rank highly on Travel & Leisure’s list of the best college towns in the U.S. Provo, home to Brigham Young University, Gainesville, where the University of Florida is located, and Columbia, Missouri, home to the University of Missouri, are all featured in the top 20 of both lists.

Despite not making the Travel & Leisure list, the other cities on MoneyGeek’s list are either major college towns or situated near significant universities.

For those considering a move, the median home prices in these top cities are as follows: Provo at $466,607, Bloomington at $300,421, and College Station at $340,511, according to Zillow.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *