Affordable Housing, Community Development, Reports and Publications

Northeast Millennials Least Likely to Own Homes


Last week, the financial advice site SmartAsset released a report that ranked millennial homeownership rates. It found that these rates were the lowest in the Northeast. Only 5% of millennials in New Haven, CT are homeowners. The only northeast city that ranked in the top 25 was Springfield, MA, where over a quarter of millennials own their home.

SmartAsset found that nationally the millennial homeownership rate dropped from 40 percent in 2006 to 32 percent in 2015. Both New Haven and Springfield were below the 2015 national rate.

Millennial homeownership was defined as households where the head of the household was less than 35 years old. Data was aggregated from the US Census Bureau. The homeownership rates for 2006 and 2015 were averaged to rank the 200 largest US cities. 

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