New York named among the states with the fewest young homeowners
A new study has revealed the states with the fewest young homeowners, with Hawaii taking the top spot.
Real estate experts at Agent Advice analyzed data from The United States Census Bureau on mortgage status based on homeowners between the ages of 15 and 34 in 2022.
Hawaii ranks at the top, with 1.49% of the population being young homeowners. The state has a total of 309,687 homeowners; 21,428 of these fall into the 15 to 34 age category, with 4,430 being mortgage free.
Coming in second is California. The state has 617,931 young homeowners between 15 and 34 years old, with 500,567 of them having a mortgage. Against the population, that equates to 1.58% of all California’s inhabitants as young homeowners between the ages of 15 to 34.
Third in the ranking is New York, with 1.92% of the population being young homeowners. The state has 377,236 young homeowners in total; 293,089 with a mortgage and 84,147 without.
New Jersey places fourth, with 2.15% of the population being young homeowners between 15 and 34. The state has 199,204 young homeowners; 27,781 of which have paid off their mortgages.
In fifth comes Massachusetts, with 2.28% of the population being young homeowners. The state has 159,398 young homeowners between the ages of 15 and 34 – of this figure, 23,950 are mortgage free and 135,448 are not.
Florida comes in sixth; of the 509,628 young homeowners, 102,298 are mortgage free. Against the population, that equates to 2.29% of Florida’s residents as young homeowners.
Seventh on the list is Nevada, with 2.47% of the population being young homeowners between the ages of 15 and 34. The state has 78,617 young homeowners in total, with 13,619 having paid off their mortgages.
In eighth place is Connecticut, with 2.52% of the population being young homeowners between the ages of 15 and 34. The state has 91,295 young homeowners; 11,767 of which are mortgage free.
Oregon ranks ninth, with 2.53% of the population being young homeowners. The state has a total of 107,155 homeowners between the ages of 15 and 34; of that number, 16,380 have paid off their mortgages and 90,775 have not.
Landing the tenth spot is Maryland, with 2.62% of the population being young homeowners. The state has 1,609,588 homeowners; 161,676 fall into the 15 to 34 age category, with 17,423 of this figure being mortgage free.
Chris Heller from Agent Advice commented on the findings: “As more young people attempt to get into the property market, it’s evident that some areas prove a lot harder to get on the ladder. The leading states likely have fewer young homeowners because of steep prices due to popular demand, so it’s understandable that young first-time buyers are gravitating towards more affordable states.”
This study was conducted by Agent Advice, real estate experts operating across America.
Methodology
Data on mortgage status by the age of the householder in 2022 was sourced from The United States Census Bureau.
The number of homeowners between the ages of 15 and 34 was measured against the population in each state to calculate the percentage of young homeowners.
Story originally from https://www.agentadvice.com/