Palmdale, California ties with Sioux Falls for the No. 4 spot in our study on where millennials are buying homes. Over the past 10 years, homeownership rates for people in Palmdale who are younger than 35 have increased by 10%, the highest uptick of city in our study.
2018 millennial homeownership rate. This is the percentage of millennial households who own their homes. For this study, we defined millennials as those under the age of 35. Data comes from the U.S. Census Bureau’s 2018 1-year American Community Survey.
10-year change in under-35 homeownership rate. This is the percentage change in the homeownership rate among 18- to 34-year-olds from 2009 to 2018. Data comes from the U.S. Census Bureau’s 2009 and 2018 1-year American Community Surveys.
SmartAsset examined data for 200 of the largest cities in the U.S. We considered two metrics:
First, we ranked each city in both metrics. Then we found each city’s average ranking and used the average to determine a final score. The city with the highest average ranking received a score of 100. The city with the lowest average ranking received a score of 0.
Tips for Millennial Homebuyers
Make sure buying is the right decision. When you’re moving to a new city, you need to decide if you are going to rent or buy. If you are coming to a city and plan to stay for the long haul, buying may be the better option for you. On the other hand, if your stop in a new city will be a short one, you’ll likely want to rent. Our rent vs. buy calculator can help you map out the trade-offs between the two and see whether it is better to rent or buy given your specific financial circumstances.
Make sure you can handle a mortgage. A mortgage is a big commitment, so be certain you’ll be able to afford whatever you’ll end up having to pay. Use SmartAsset’s mortgage calculator to see the ideal range in which you should be shopping.
Consider a financial advisor. Buying a home is a major commitment, and talking to a financial advisor before you buy may help in terms of planning. Finding the right financial advisor that fits your needs doesn’t have to be hard though. SmartAsset’s free tool matches you with financial advisors in your area in just five minutes. If you’re ready to be matched with local advisors that who help you achieve your financial goals
Palmdale also ranks in the top 10% of cities for its current millennial homeownership rate, 45.71%.