Grand Rapids Ranked Among Top Cities for Young Homeowners
According to a new study from Smart Asset, only about 36% of Americans younger than 35 own their homes. The financial tech company released a list of the top cities in which it's easier for this age group to purchase homes, and Grand Rapids ranks near the top.
To determine their ranking, Smart Asset compared the homeownership rate for people aged 18-35 in 2009 with the homeownership rate in 2019 for 200 of the largest U.S. cities. Analyzing data from data from the U.S. Census Bureau, they took into account the 2019 homeownership rate for those under 35 and the 10-year change in the homeownership for those under 35. Using those metrics, Smart Asset found each city’s average ranking and used the average to determine a final score. The city with the highest average ranking received a score of 100. The city with the lowest average ranking received a score of 0.
Grand Rapids comes is ranked as the No. 11 city for young homeowners, with an average score of 91.18 out of 100.
That's good news for anyone under 35 looking to purchase a home in GR soon!
Grand Rapids Business Journal reports Smart Assets findings:
In Grand Rapids, 40.17% of residents ages 18 to 34 owned a home in 2019, compared to 37.19% in 2009. At the top of the list was Midland, Texas, with a young adult homeownership rate of 52.42% in 2019, a sharp change from just 35.31% in 2009.
According to Smart Asset, these are the top cities in the U.S. for young homebuyers:
1. Midland, TX
2. Cape Coral, FL
3. Joliet, IL
4. Mesquite, TX
5. Bakersfield, CA
6. Aurora, CO (tied)
6. Port St. Lucie, FL (tied)
8. Gilbert, AZ
9. Fort Wayne, IN
10. Rancho Cucamonga, CA
11. Grand Rapids, MI
Grand Rapids is the only Michigan city to make the top 50.
Smart Asset reports two of their key findings are that that young homeownership has decreased overall since 2009 and it falls behind that of older generations, particularly in large cities. Check out their full findings here.
Having bought my first home a few years ago in my early 30s, I felt like I was a little behind the game... but this kind of makes me feel better! I guess I'm not as much of a "late bloomer" in terms of homeownership like I'd thought!