SEATTLE, Sept. 30, 2020 /PRNewswire/ -- QuoteWizard®,
a LendingTree company, and one of the nation's leading online
insurance marketplaces released a report on states where
millennials are buying more homes. When comparing homeownership
rates over the six-year period, QuoteWizard found that nearly half
of all states saw some growth in millennial ownership, whereas the
other half saw a decline.
The biggest correlating factor QuoteWizard found to reflect
millennial homeownership growth is a differential type of metric
that signals the quality of home investment. This differential of
home value and mortgage balance in each state can be viewed as a
value metric that shows a willingness to incur mortgage debt for a
value investment in a home. The differential in home value and
mortgage balance metric showed a strong correlation in the top
growing states for millennial homeownership.
Visit the full report here,
https://quotewizard.com/news/posts/where-millennials-are-buying-more-homes
Key Findings:
- The 17 states with the largest increases in millennial
homeownership are also states in the top half of most expensive
median home values. Affordability isn't driving under-35
homeownership.
- Eight of the top 10 states for millennial homeownership are in
the top half in median home value compared to outstanding mortgage
debt, indicating that millennial homeownership is driven by value
investment versus affordability.
- Median home values increased by 27% from 2013 to 2019, while
median income of people aged 25-34 only increased by 17%.
- Above-average income growth from 2013 to 2019 in states with
higher rates of millennial homeownership is a common factor.
Methodology
QuoteWizard analyzed Census income data in each state from 2013
to 2019, to see if there was a correlation between millennial
homeownership and income growth. We also looked at Census data to
see which states have seen the biggest changes in millennial (under
35 years old) homeownership from 2013 to 2019.
Rank
|
State
|
2013 Ownership
%
|
2019 Ownership
%
|
Ownership %
Change
|
Difference Home
Value vs. Outstanding Mortgage Debt
|
1
|
Vermont
|
7.9
|
9.5
|
20.3%
|
$63,359
|
2
|
Oregon
|
7.8
|
9.3
|
19.2%
|
$125,003
|
3
|
Maine
|
8.1
|
9.5
|
17.3%
|
$99,246
|
4
|
Wyoming
|
12.8
|
14.7
|
14.8%
|
$50,686
|
5
|
Massachusetts
|
7.6
|
8.7
|
14.5%
|
$156,178
|
6
|
New
Jersey
|
6.7
|
7.6
|
13.4%
|
$89,711
|
7
|
Washington
|
9.7
|
10.8
|
11.3%
|
$130,119
|
8
|
Tennessee
|
10
|
11.1
|
11.0%
|
$13,720
|
9
|
Pennsylvania
|
9
|
9.9
|
10.0%
|
$31,142
|
10
|
Florida
|
6.7
|
7.3
|
9.0%
|
$49,677
|
11
|
Hawaii
|
5.8
|
6.3
|
8.6%
|
$273,037
|
12
|
New
York
|
7.5
|
8.1
|
8.0%
|
$67,690
|
13
|
Ohio
|
10.1
|
10.9
|
7.9%
|
$19,661
|
14
|
New
Hampshire
|
8.2
|
8.8
|
7.3%
|
$101,346
|
15
|
Michigan
|
10.4
|
11.1
|
6.7%
|
$22,033
|
16
|
Rhode
Island
|
7.8
|
8.2
|
5.1%
|
$98,423
|
17
|
Indiana
|
11.8
|
12.4
|
5.1%
|
$28,133
|
18
|
Alabama
|
10.2
|
10.7
|
4.9%
|
-$7,002
|
19
|
Colorado
|
11.4
|
11.9
|
4.4%
|
$122,187
|
20
|
North
Carolina
|
9.5
|
9.9
|
4.2%
|
$27,380
|
21
|
Alaska
|
12.3
|
12.7
|
3.3%
|
$102,833
|
22
|
Idaho
|
11.7
|
12
|
2.6%
|
$103,007
|
23
|
South
Carolina
|
9.7
|
9.9
|
2.1%
|
$10,641
|
24
|
Connecticut
|
7.7
|
7.8
|
1.3%
|
$19,872
|
25
|
Virginia
|
9.6
|
9.7
|
1.0%
|
$21,803
|
26
|
Missouri
|
11.9
|
12
|
0.8%
|
$24,155
|
27
|
Iowa
|
13.2
|
13.3
|
0.8%
|
$15,006
|
28
|
Wisconsin
|
10.8
|
10.8
|
0.0%
|
$52,811
|
29
|
Georgia
|
9.9
|
9.8
|
-1.0%
|
$18,414
|
30
|
Kentucky
|
11.1
|
10.9
|
-1.8%
|
$21,915
|
31
|
Nevada
|
11
|
10.8
|
-1.8%
|
$64,988
|
32
|
Illinois
|
10.3
|
10.1
|
-1.9%
|
$7,075
|
33
|
Maryland
|
9.6
|
9.4
|
-2.1%
|
$37,980
|
34
|
Nebraska
|
14
|
13.7
|
-2.1%
|
$30,181
|
35
|
South
Dakota
|
14.2
|
13.8
|
-2.8%
|
$43,211
|
36
|
New
Mexico
|
10
|
9.7
|
-3.0%
|
$36,129
|
37
|
West
Virginia
|
9.7
|
9.4
|
-3.1%
|
-$11,464
|
38
|
Oklahoma
|
12.6
|
12.2
|
-3.2%
|
-$9,411
|
39
|
Texas
|
11.3
|
10.9
|
-3.5%
|
$21,976
|
40
|
Mississippi
|
10.1
|
9.7
|
-4.0%
|
$8,093
|
41
|
Kansas
|
12.3
|
11.8
|
-4.1%
|
$3,063
|
42
|
Minnesota
|
13.1
|
12.5
|
-4.6%
|
$64,526
|
43
|
Arizona
|
10.1
|
9.6
|
-5.0%
|
$54,641
|
44
|
Arkansas
|
11
|
10.4
|
-5.5%
|
$117
|
45
|
North
Dakota
|
16.4
|
15.5
|
-5.5%
|
$47,226
|
46
|
California
|
8.1
|
7.6
|
-6.2%
|
$186,909
|
47
|
Montana
|
10.7
|
10
|
-6.5%
|
$61,389
|
48
|
Utah
|
16.3
|
15.2
|
-6.7%
|
$134,887
|
49
|
Louisiana
|
12.2
|
11.2
|
-8.2%
|
-$4,251
|
50
|
Delaware
|
9.8
|
8.9
|
-9.2%
|
$50,773
|
About QuoteWizard QuoteWizard (quotewizard.com) is
an insurance comparison marketplace for consumers looking to save
on insurance. QuoteWizard provides consumers with direct access to
thousands of qualified agents in all 50 states, as well as major
carriers, who offer personalized quotes and the opportunity to save
up to 40% on auto, home, health, and life insurance. Agents and
carriers, in turn, benefit from millions of highly qualified leads,
calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information, go to quotewizard.com, like our Facebook
page and/or follow us on Twitter @quotewizard.
About LendingTree LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring, and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc.
Media Contacts:
Emily: emily@quotewizardnews.com
Nathan: nathan@quotewizardnews.com
Related Links
https://quotewizard.com
https://quotewizard.com/news/posts/where-millennials-are-buying-more-homes
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SOURCE QuoteWizard