Subject: SVY
Millennials Prefer Value Home Investments Versus Affordability, QuoteWizard Study Finds
SEATTLE, Sept. 30, 2020 /PRNewswire/ -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces released a report on states where millennials are buying more homes. When comparing homeownership rates over the six-year period, QuoteWizard found that nearly half of all states saw some growth in millennial ownership, whereas the other half saw a decline.
The biggest correlating factor QuoteWizard found to reflect millennial homeownership growth is a differential type of metric that signals the quality of home investment. This differential of home value and mortgage balance in each state can be viewed as a value metric that shows a willingness to incur mortgage debt for a value investment in a home. The differential in home value and mortgage balance metric showed a strong correlation in the top growing states for millennial homeownership.
Visit the full report here, https://quotewizard.com/news/posts/where-millennials-are-buying-more-homes
Key Findings:
- The 17 states with the largest increases in millennial homeownership are also states in the top half of most expensive median home values. Affordability isn't driving under-35 homeownership.
- Eight of the top 10 states for millennial homeownership are in the top half in median home value compared to outstanding mortgage debt, indicating that millennial homeownership is driven by value investment versus affordability.
- Median home values increased by 27% from 2013 to 2019, while median income of people aged 25-34 only increased by 17%.
- Above-average income growth from 2013 to 2019 in states with higher rates of millennial homeownership is a common factor.
Methodology
QuoteWizard analyzed Census income data in each state from 2013 to 2019, to see if there was a correlation between millennial homeownership and income growth. We also looked at Census data to see which states have seen the biggest changes in millennial (under 35 years old) homeownership from 2013 to 2019.
Rank | State | 2013 Ownership % | 2019 Ownership % | Ownership % Change | Difference Home Value vs. Outstanding Mortgage Debt |
1 | Vermont | 7.9 | 9.5 | 20.3% | $63,359 |
2 | Oregon | 7.8 | 9.3 | 19.2% | $125,003 |
3 | Maine | 8.1 | 9.5 | 17.3% | $99,246 |
4 | Wyoming | 12.8 | 14.7 | 14.8% | $50,686 |
5 | Massachusetts | 7.6 | 8.7 | 14.5% | $156,178 |
6 | New Jersey | 6.7 | 7.6 | 13.4% | $89,711 |
7 | Washington | 9.7 | 10.8 | 11.3% | $130,119 |
8 | Tennessee | 10 | 11.1 | 11.0% | $13,720 |
9 | Pennsylvania | 9 | 9.9 | 10.0% | $31,142 |
10 | Florida | 6.7 | 7.3 | 9.0% | $49,677 |
11 | Hawaii | 5.8 | 6.3 | 8.6% | $273,037 |
12 | New York | 7.5 | 8.1 | 8.0% | $67,690 |
13 | Ohio | 10.1 | 10.9 | 7.9% | $19,661 |
14 | New Hampshire | 8.2 | 8.8 | 7.3% | $101,346 |
15 | Michigan | 10.4 | 11.1 | 6.7% | $22,033 |
16 | Rhode Island | 7.8 | 8.2 | 5.1% | $98,423 |
17 | Indiana | 11.8 | 12.4 | 5.1% | $28,133 |
18 | Alabama | 10.2 | 10.7 | 4.9% | -$7,002 |
19 | Colorado | 11.4 | 11.9 | 4.4% | $122,187 |
20 | North Carolina | 9.5 | 9.9 | 4.2% | $27,380 |
21 | Alaska | 12.3 | 12.7 | 3.3% | $102,833 |
22 | Idaho | 11.7 | 12 | 2.6% | $103,007 |
23 | South Carolina | 9.7 | 9.9 | 2.1% | $10,641 |
24 | Connecticut | 7.7 | 7.8 | 1.3% | $19,872 |
25 | Virginia | 9.6 | 9.7 | 1.0% | $21,803 |
26 | Missouri | 11.9 | 12 | 0.8% | $24,155 |
27 | Iowa | 13.2 | 13.3 | 0.8% | $15,006 |
28 | Wisconsin | 10.8 | 10.8 | 0.0% | $52,811 |
29 | Georgia | 9.9 | 9.8 | -1.0% | $18,414 |
30 | Kentucky | 11.1 | 10.9 | -1.8% | $21,915 |
31 | Nevada | 11 | 10.8 | -1.8% | $64,988 |
32 | Illinois | 10.3 | 10.1 | -1.9% | $7,075 |
33 | Maryland | 9.6 | 9.4 | -2.1% | $37,980 |
34 | Nebraska | 14 | 13.7 | -2.1% | $30,181 |
35 | South Dakota | 14.2 | 13.8 | -2.8% | $43,211 |
36 | New Mexico | 10 | 9.7 | -3.0% | $36,129 |
37 | West Virginia | 9.7 | 9.4 | -3.1% | -$11,464 |
38 | Oklahoma | 12.6 | 12.2 | -3.2% | -$9,411 |
39 | Texas | 11.3 | 10.9 | -3.5% | $21,976 |
40 | Mississippi | 10.1 | 9.7 | -4.0% | $8,093 |
41 | Kansas | 12.3 | 11.8 | -4.1% | $3,063 |
42 | Minnesota | 13.1 | 12.5 | -4.6% | $64,526 |
43 | Arizona | 10.1 | 9.6 | -5.0% | $54,641 |
44 | Arkansas | 11 | 10.4 | -5.5% | $117 |
45 | North Dakota | 16.4 | 15.5 | -5.5% | $47,226 |
46 | California | 8.1 | 7.6 | -6.2% | $186,909 |
47 | Montana | 10.7 | 10 | -6.5% | $61,389 |
48 | Utah | 16.3 | 15.2 | -6.7% | $134,887 |
49 | Louisiana | 12.2 | 11.2 | -8.2% | -$4,251 |
50 | Delaware | 9.8 | 8.9 | -9.2% | $50,773 |
About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.
About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc.
Media Contacts:
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Nathan: [email protected]
Related Links
https://quotewizard.com
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SOURCE QuoteWizard
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