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Location plays a big role in affordability and the ability to own a home.  However, examining the numbers, the differences across markets are striking. This is when it becomes apparent that where people live can make such an enormous difference in the ability to buy a home.

In some parts of the country, owning a home in your 30s is still the norm. In others, it has become a much harder goal to reach. Looking at households aged 25 to 44—the core Millennial years in the 2024 ACS survey—the homeownership rate varies dramatically across metro areas. In some markets, nearly three out of four households in this age group own a home. In others, fewer than one in three do. Nationally, the homeownership rate for this age group was 51.6% in 2024.

In Dubuque, Nearly 80% of Millennials Own a Home

It’s not surprising to see smaller markets like Dubuque, IA (78%), Monroe, MI (76%), and Wausau, WI (76%) at the top of the list. These areas tend to have lower home prices and more attainable entry options for younger buyers.

In Grand Rapids, Nearly Two-Thirds of Millennials Own a Home

What’s interesting, however, is that some major market areas are showing relatively strong homeownership among adults ages 25-44. In markets such as Grand Rapids, MI (64%), Minneapolis-St. Paul, MN (62%), and Detroit, MI (60%), the homeownership rate for this age group is 60% and over. This is not the very top of the list, but for large labor markets, this rate is relatively high.

In Los Angeles, Only 30% of Millennials Own a Home

At the opposite end are some of the largest and most expensive housing markets in the country. In Los Angeles, only about 30% of households aged 25-44 own their home. In San Jose, the homeownership rate for this age group is about 34%, and in San Francisco, around 37%. New York and San Diego are some other examples where homeownership among younger households is also well below the national average. Most of these areas have strong job markets and large populations, but the cost of homeownership relative to income is much higher, leading many younger households to delay homeownership.

Looking at the median age of owners in this group, we clearly see that location matters to the ability to own a home. In many of the more affordable markets where homeownership rates are higher, the median age of owners ages 25–44 is around 35 to 37. In more expensive metros, the median age rises to 38–41, indicating that homeownership tends to happen later.