Millennials cultivate wealth despite their disabilities
Millennials are growing wealth despite the impediments to homeownership, while older millennials are lifting their legs.
- Nashville ranks among the top five metro areas in the US for millennial homebuyers.
- The median property value for millennial home buyers in Nashville was $455,000 and media revenue was $123,000.
- Raleigh, North Carolina led the country with 4.5% of millennial home purchases.
According to a SmartAsset study, millennials buy homes at significantly different speeds depending on the metropolitan area. In some cities, one in 25 people aged 25 to 44 secured traditional mortgages in 2024 alone.
In contrast, other major metros bought homes last year by less than one in 100 of the 100 residents in 100 years.
“This disparity can have a different impact on local infrastructure, politics, and business demands across different metros,” SmartAsset said. “In particular, many millennials, local tax bases, housing markets, and more, which are at the peak of income potential, can also be affected by such trends.”
“An observation from a different angle, the high proportion of millennials investing in local homes could indicate the prosperity of the job market combined with a friendly housing market and the economy.”
Mortgage data shows that 4.08% of Nashville-area millennials bought their homes in 2024, making Music City the biggest option for millennial home buyers. Let’s take a closer look at where millennials buy homes.
Nashville ranks among the top 10 cities of millennial home buyers, learning show
A total of 25,512 traditional mortgages were issued in the Music City area in 2024, with a median interest rate of 6.63%. Among millennial home buyers, the median property value was $455,000, while the median income was $123,000, SmartAsset reported.
The region’s total population is 2,104,235, with 624,627 residents aged 25-44, accounting for 29.68% of the population.
Where do millennials buy their homes the most?
Raleigh, North Carolina, leads the country in millennial housing, with 4.5% of Raleigh Carrey residents who purchased a home between 25 and 44 years old on a traditional mortgage in 2024 earning the highest share of all metro areas surveyed.
The Raleigh-Cary Metro area was followed by Indianapolis-Carmel Greenwood at No. 2, Charlotte Code Gastonia at No. 3, and Nashville Metropolitan area at No. 4.
The top five are rounded out by the Cincinnati metropolitan area.
Methodology
To find out where millennials are buying homes at the fastest rates, SmartAsset analyzed 2024 Mortgage Disclosure Act data. The study focused on mortgages of origin for people aged 25-44 years, based on 2023 US Census Bureau estimates, compared to the size of local residents of the same age group.
The study also took into account the median income of new millennial homeowners and the value of the property they purchased.
Diana Leiba covers trend news and service journalism in Tennessee. Contact her at dleyva@gannett.com or follow her at X at @_leyvadiana
