There are plenty of cities across the country where millennials are buying homes, and Grand Rapids is among their hottest targets. (See Article)
A report from Improvenet.com ranked Grand Rapids the second-best housing market for millennials with 19.5% of homes owned by millennials, or those generally born between 1980 and 2000.
Grand Rapids came just behind Clarksville, Tennessee, with 23% of its homeowners being identified as millennials and was trailed by Sioux Falls, South Dakota, at 18.2%, Minneapolis at 16.7% and Atlanta at 16.4%.
Huntington Beach, California, had the lowest millennial homeownership at 4.9%. Two Florida cities, Hollywood and Fort Lauderdale followed closely behind with an average millennial homeownership rate of 5.5%.
Additionally, Grand Rapids had the seventh-highest percentage of single millennial homeowners at 3.8%. According to Improvenet.com, It’s rare to find a millennial that is both a homeowner and single. On average, they make up just 2% of homeowners nationwide. Atlanta topped the singles list at 6.6%.
Grand Rapids also has the fourth-highest percentage of millennial families who own homes at 10%. Clarksville, again, topped this list at 15.1%. Nationally, only 6% of homeowners represent millennial families, according to the study.
Improvement looked at the 2018 American Community Survey, the most recent data available, to determine the occupancy and demographic characteristics for occupied housing units in 173 cities that have 150,000 residents or more.