Millennial home ownership in the Columbus Metro is below the national average, according to the latest study by Porch.com. The study evaluated data from the U.S. Census Bureau, the Bureau of Economic Analysis and Zillow. It also examined median home prices and wages, average mortgage payments and the cost of living among large U.S. metros.
Nationally, Millennials have a home ownership rate of just 39.5%. Long-running challenges to Millennial home buyers include student loan debt, the after-effects of the Great Recession, and in recent years, surging home prices.
The Columbus Metro has a Millennial home ownership rate of 37.5%. This is somewhat below the national average, but about in the middle of the pack compared to other major metros. Out of the 53 major metros compared in the study, Columbus came in at #29.
It’s important to keep studies such as these in perspective. While they make interesting reading, they seldom tell the whole story! For example, one of the issues affecting the Millennial home ownership rate in recent years is the lean supply of homes on the market. This is true nationally as well as in Ohio.
Overall, the Columbus Metro offers a level playing field for Millennial home buyers! Median home prices are within reach of median wages, and our job market includes a diverse range of employers, including well-known technology companies and medical centers.
You can give yourself a home buying advantage by becoming our Buyer-Client! As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
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