This CA City Has The Lowest Millennial Homeownership Rate In The U.S.

LOS ANGELES — Los Angeles has the lowest millennial homeownership rate of any major U.S. metropolitan area, according to a recent analysis.

Apartment List took a look at the U.S. Census Bureau’s American Community Survey data from 2022 to examine millennial homebuying trends and found that the City of Angels has a millennial homeownership rate that’s less than half the national average.

Nationwide, 45 percent of people born between 1981 and 1996 own homes, according to Apartment List, but in Los Angeles that number drops to a mere 20 percent.

“One of the defining features of the housing market since 2020 has been a migratory shift away from dense, expensive cities and towards smaller, more-affordable ones,” according to Apartment List.

Six of the ten metropolitan areas with the lowest millennial homeownership rates are in California, according to Apartment List. In San Jose, the number of millennials who own homes stands at 24 percent, in San Diego it’s 28 percent, in San Francisco it’s 29 percent, in Fresno it’s 31 percent and in Riverside it’s 34 percent, the rental website reported.

Other metropolitan areas in the bottom 10 include Honolulu, New York, Miami and Las Vegas, according to Apartment List.

“Despite many of these markets offering high income opportunities, years of labor market growth without sufficient new home construction has left a dearth of affordable housing options,” according to the website.

Read more from Apartment List.