More than half of Columbus millennials are homeowners
Millennials allegedly killed the mayonnaise and fabric softener industries, but at least they're keeping the housing market alive.
Driving the news: For the first time, millennial homeowners now outnumber millennial renters, Axios' Kelly Tyko reports.
- 52% of millennials nationwide owned a home in 2022 and 51% did in the Columbus metro area, according to a new RentCafe report.
Why it matters: Homeownership is traditionally an important coming-of-age milestone, one that's taken a majority of millennials longer to achieve than earlier generations.
- The average age of a first-time millennial homebuyer is 34, compared to 33 for baby boomers and 32 for Gen X.
State of play: It's tougher than ever to save for a down payment and buy a starter home amid rising rent prices and creeping mortgage rates.
- But millennials (those born between 1981-1996) are now reaching middle age and finally starting to earn enough money to afford the costs.
By the numbers: The Columbus area's share of millennial homeowners grew by nearly 29% over the past five years.
- But that's a modest jump compared to other major Ohio cities: Cleveland grew by 37%, Dayton by 65% and Akron by a whopping 143%.
- Millennial homeownership actually decreased in Toledo (6.6%) and Cincinnati (16.3%) during that time. Cue the avocado toast jokes.
What they're saying: Stagnant incomes and a staggering market are likely contributing to our area's slower growth, RentCafe research analyst Alexandra Both tells Axios.
- Local home values rose by more than 50% over the last five years, while income increases averaged only 15%, she says.
The intrigue: Central Ohio experienced a massive spike in Gen Z homeowners (435%) in the past five years, which tracks with a study calling us one of the friendliest cities for the generation born between 1997-2013.
Zoom in: Our Axios Columbus team of two millennials mirrors the near-50-50 split.
- 🏡 Alissa owns. She's glad she took the plunge into the market in 2019, though, because she's not sure if she'd be able to afford her home at today's prices.
- 🏢 Tyler rents. His thought bubble: [Insert string of expletives here.]
More Columbus stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Columbus.