Bakersfield ranks as third-highest city nationwide where millennials are buying homes rather than renting, according to a study released recently.
In its “Top 10 Cities Where Millennials Are Buying Homes,” SmartAsset looked at homeownership rates among households where the head of the household was less than 35 years old. The study gathered data on the percentage of those households who owned their homes in 2006 and in 2015 for 200 of the largest cities. The data came from the U.S. Census Bureau’s 2015 and 2006 1-Year American Community Surveys.
According to the study, “Bakersfield, the ninth-largest city in California, is located in the San Joaquin Valley. Under-35 homeownership in Bakersfield increased from 35.2% in 2006 to 40.3% in 2015. That’s an increase of 5.1%, the second-largest in our study. For a somewhat large city, homes here can be relatively affordable. The median home value is $237,600.”
Only two other California cities, Elk Grove and Roseville, made the Top Ten. You can read more about this study here.
Original article available at: smartasset.com