Millennials are experiencing historically low homeownership rates for their age group, but 42 cities saw a rise in homeownership for 20-somethings in 2019, and one of the top cities was a Chicago suburb.
West suburban Naperville ranked 12th in a list of top cities where millennials are buying homes, according to SmartAsset, a financial technology company.
The top 25 cities that saw an increase in millennial homeownership had an average median home value of $294,000.
Chesapeake, Va.; Elk Grove, Calif.; Garland, Texas; Warren, Mich.; and Thornton, Colo., were the top five cities where millennials purchased homes.
SmartAsset analyzed 200 cities and found that millennial homeownership was down 4.4 percent on average, but that 42 cities did see homeownership rates rise.
Record high home values, stagnating incomes, the largest economic downturn in a century and record levels of student debt were all to blame for millennials not having the money to purchase a home, SmartAsset said.
SmartAsset used U.S. Census Bureau data from 2008 and 2017 to create the list.
