According to a new analysis from home improvement website porch.com, a little over 39% of millennials - defined as those born from 1981 to 1996 - in the Denver area are homeowners. The Denver-Aurora-Lakewood ranked #24 among metros with more than a million people, putting Mile High City in the middle of the pack of the 53 largest U.S. urban areas and consistent with the national rate.

The report cited U.S. Census Bureau data showing the national homeownership rate among millennials clocks in a 39.5% compared with the overall national homeownership rate of 63.9%.

Several factors are contributing to the low rate among millennials including a higher likelihood of delaying marriage, increased student loan debt, lack of affordable housing and geographic preferences.

Nationally, Porch’s analysis found the highest rates of millennial homeownership were found in metros that had lower cost of living than average and higher average earnings, making the homes more affordable. Denver’s median earnings for millennials with full-time jobs are $47,300 and the cost of living here is 5% above the national average for large cities.

Other highlights from the report include:

·       In the Denver metro, the median home price was $448,001 and the median mortgage payment was $1,589 per month.

·       Small and midsize metro areas, particularly in the Midwest, tended to have higher millennial homeownership rates than in larger cities.

·       In the smaller two metro categories, median homeownership rates were higher than 41% compared with the large metro rate of 36.4%.

While economic uncertainty is still a factor, Denver’s real estate scene isn’t showing many signs of cooling down. With interest rates at unprecedented lows, regardless of your generational status, now could be a great time to consider homeownership. Give Metrowest a shout today – we would love to help you start the process.