70 Percent of Columbus Millennials are Renters
If you live in Columbus and you’re under the age of 35 and don’t own a home, then you’re not alone. According to a new study completed by apartment search company ABODO, only 30 percent of the Millennial demographic in Columbus are currently home owners.
“We know that Millennials are often labeled as the renter generation, but we wanted to uncover whether or not this statement is entirely accurate,” stated ABODO Sr. Communications Manager Sam Radbil. “To find out, we analyzed U.S. Census data to uncover the cities with the highest percentage of Millennial owners.”
According to the results, Columbus (and Ohio as a whole) are fairly average in the overall rankings. Nationally, 32.1 percent of Millennials are homeowners, which lands Columbus in 22nd place in terms of overall ownership rates in large cities. Minneapolis tops the list with 42.4 percent of Millennials owning homes, and Los Angeles is at the bottom of the list with just a 17.8 percent homeownership rate.
The silver lining for those who aspire to own a home in Columbus is that it takes less time to save money toward a down payment here versus other major metro areas. With the average Millennial home value priced at $171,660, it is estimated that it takes approximately 8.7 years to save up for a down payment. In Los Angeles, it would take 32.2 years to save up for an average down payment on a much more expensive home.
Declining homeownership rates for young adults in Columbus reflects a larger national trend. ABODO attributes this to an increase in student loan debt and a tighter housing market. Laura Swanson, Executive Director of the Columbus Apartment Association, also said that the changes are partly cultural.
“Millennials prefer to live close to where they work and close to entrainment and cultural actives,” she explained. “Apartment living offers these options as well the flexibility to easily relocate if they choose.”
For more information on the report, visit www.abodo.com.