Millennial Homeownership Rates Vary Across the US
Grand Rapids and Detroit in Michigan are leading the US in millennial homeownership, with 63% and 55% of millennials owning homes, respectively. However, affordability remains a significant barrier for many millennials, with 24% of millennial renters saying they will rent forever due to financial constraints. The median rental price in Michigan is $1,349, a 7.54% increase from last year, while the median sale price in Grand Rapids was $250,500 in March 2023.