From renters to owners: Young adults are purchasing homes in these US cities
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(NEXSTAR) – Buying your first home can be an exciting yet scary process. All that saving and searching can be stressful, especially when you’re unsure where you’d like to settle down.
Thanks to some research by MoneyGeek, they’ve been able to pinpoint where young adults have been buying homes the most in the country.
MoneyGeek analyzed over 320 cities throughout the U.S. using data from the 2022 American Community Survey conducted by the U.S. Census Bureau. In this survey, they focused on cities with the highest proportions of total homeowners who are “young adults,” or under the age of 25.
According to the Census Bureau, only about 4% of homeowners are under the age of 25 across the country. But, looking from city to city, that number can rise significantly depending on where you look.
Below are the top 20 cities where young adults make up the largest percentage of homeowners:
- Provo, Utah: 38.8%
- Bloomington, Indiana: 32.5%
- College Station, Texas: 31.6%
- Davis, California: 28.7%
- Gainesville, FL: 26.7%
- Kalamazoo, Michigan: 26%
- Ann Arbor, Michigan: 24.8%
- Iowa City, Iowa: 24.8%
- Champaign, Illinois: 23.1%
- Greenville, North Carolina: 22.4%
- Boulder, Colorado: 22.2%
- Lawrence, Kansas: 21.7%
- Tallahassee, Florida: 21.4%
- Flagstaff, Arizona: 19.3%
- Fayetteville, Arkansas: 18.6%
- Madison, Wisconsin: 18.4%
- Tempe, Arizona: 17.6%
- Waco, Texas: 17%
- Bryan, Texas: 16.9%
- Columbia, Missouri: 16.9%
Landing at No. 1 for young adults was Provo, Utah, where people under 25 make up roughly 39% of homeowners. In fact, young adults own more homes than those ages 25-44, 44-65, or over 65.
There are only three cities in the country where young adults own more homes than any other age group: Provo, Utah; Bloomington, Indiana; and Davis, California – all college towns.
In fact, most of the cities where young adults are buying homes happen to also be some of the most popular college towns in the country.
Earlier this year, Travel & Leisure released its list of the 25 best college towns and cities in the U.S. Ten of the top 20 cities from MoneyGeek’s rankings landed on this list.
For example, No. 1 Provo is home to Brigham Young University, No. 5 Gainesville is where students attend the University of Florida, and even No. 20 Columbia, Missouri, is where the University of Missouri is located.
Despite not making Travel & Leisure’s list, the other 10 cities on the list are also either large college towns or are located near a large college.
As for other age groups, check out where they are buying homes on the map below:
Considering a move to one of these college town hotspots? The median home price in Provo is $466,607, according to Zillow, $300,421 in Bloomington, and $340,511 in College Station.