The 4 cities where more than half of millennials own a home
- Elk Grove, Calif. 61%
- Gilbert, Ariz. 57%
- Frisco, Texas 55%
- Port St. Lucie, Fla. 54%
The No. 1 city for under-35 homeownership: Elk Grove, Calif. You’ve probably never heard of it – for many decades it was a small agricultural city – but in the past 15 years, its population has grown for two reasons: (i) homes there cost around $350,000, compared to nearly $1 million in San Francisco and (ii) it’s well located, says Asees Singh, a spokesperson for the site. Elk Grove is only about 20 minutes to the state capital of Sacramento, which has a lot of technology jobs, and under two hours to San Francisco. Indeed, millennials who do buy homes are often looking for a combination of affordability and well-paid jobs, among other lifestyle factors, says Cheryl Young, the senior economist at real estate site Trulia.