Across the country, homeownership among millennials, those born between 1981 and 1996, are notoriously low, according to new data from the Urban Institute.
According to the new report, the national homeownership rate is 63.9 percent. For millennials, that rate is just 39.5 percent. In Pennsylvania, that number is slightly higher: 43.8 percent of millennials own homes.
The Urban Institute found that the rate of homeownership for millennials varies greatly from state-to-state., However, compared to older generations, the millennial homeownership rate is exceptionally low.
Currently, Midwestern states have the highest rate of millennial homeowners with Iowa and South Dakota taking the top spots.
53.7 … the percentage of millennial homeowners in Iowa.
51.5 … the percentage of millennial homeowners in South Dakota.
The states with the lowest percentage of homeownership among millennials are Hawaii
California and New York, which all have a homeownership rate lower than 30 percent.
Pennsylvania by the numbers
So, how did the Keystone state stack up? Let’s take a closer look.
In Pennsylvania, millennial homeowners are faring slightly better than the national average.
The median home price in Pennsylvania is $200,367, compared to $251,598 nationally.
The monthly mortgage payment in Pennsylvania is slightly lower than the national average of $893, at $711.
When it comes to earnings among full-time millennials, the national median stands at $40,000 per year. Earnings in Pennsylvania are slightly higher at $42,000 per year.