{"id":65687,"date":"2019-05-24T17:32:55","date_gmt":"2019-05-25T00:32:55","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65687"},"modified":"2021-01-20T10:45:05","modified_gmt":"2021-01-20T18:45:05","slug":"millennials-thriving-in-these-cities","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/millennials-thriving-in-these-cities\/","title":{"rendered":"Millennials are Thriving\u2014Personally and Professionally\u2014in These Five Cities"},"content":{"rendered":"

Salt Lake City, Oklahoma City and Detroit Have among the Highest Rates of Millennial Homeownership and Business Ownership<\/span><\/h2>\n

In many coastal metros, millennials have a hard time saving up enough money to own a home or start a business. But inland, where homes and costs of living are more affordable, millennials are able to lay down roots, start businesses, and as a result they are transforming places like <\/span>Oklahoma City<\/span><\/a>, <\/span>Salt Lake City<\/span><\/a>, and <\/span>Detroit<\/span><\/a> into hip havens for their generation. Across the 50 largest U.S. metros, 31.9 percent of millennials (those age 18 to 34) own homes and 5.9 percent of businesses are owned by millennials. But millennials are achieving even more in Salt Lake City, Oklahoma City, Detroit, <\/span>Raleigh<\/span><\/a> and <\/span>Hartford<\/span><\/a>, the only metros in our analysis where the millennial homeownership rate is greater than 35 percent and the share of businesses owned by millennials is greater than 6.5 percent.<\/span>
\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Rank<\/th>Metro Area<\/th>Millennial Homeownership Rate (2017)*<\/th>Share of Businesses Owned by Millennials (2017)**<\/th>Median Home Sale Price (April 2019)<\/th>Walk Score (2017)<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>Salt Lake City, UT<\/td>0.406<\/td>0.084<\/td>335000<\/td>57<\/td>\n<\/tr>\n
2<\/td>Oklahoma City, OK<\/td>0.368<\/td>0.078<\/td>180000<\/td>33<\/td>\n<\/tr>\n
3<\/td>Detroit, MI<\/td>0.415<\/td>0.066<\/td>125000<\/td>55<\/td>\n<\/tr>\n
4<\/td>Raleigh, NC<\/td>0.358<\/td>0.069<\/td>295000<\/td>30<\/td>\n<\/tr>\n
5<\/td>Hartford, CT<\/td>0.36<\/td>0.068<\/td>218000<\/td>71<\/td>\n<\/tr>\n
<\/td>Median of 50 Largest U.S. Metros<\/td>0.319<\/td>0.059<\/td>256450<\/td>51<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nNote: rank based on combination of millennial homeownership rate and share of businesses owned by millennials. Sources: *2017 <\/span>American Community Survey<\/span><\/a>, **2017 <\/span>Annual Survey of Entrepreneurs<\/span><\/a>.<\/span><\/p>\n