Results from a study conducted in 2015 are bringing to light the fact that Millennials (those aging between their mid-20’s and early 30’s) in Grand Rapids, Michigan are leading the pack in American homeownership. But does that mean this group of young homeowners is making more money than older generations of homeowners?
Statistics reveal that nearly 89% of Grand Rapids-based Millennials did not live with their parents or grandparents, and 53.7% of this group owned their own homes. This is the nation’s highest rate of Millennial homeownership since, nationally, only 39.1% of Millennials own homes.
Grand Rapids Millennials are not making as much money as the previous generation. The 33-to-55-year-old group makes an average annual salary of $52,090, whereas the Millennial group only makes $37,771.
Millennials are snatching up homes in Grand Rapids since the area’s housing market is one of the healthiest in the nation due to a surge in gentrification efforts and a boom in business and education opportunities. They’re also demonstrating that, while Millennials still face some of the same struggles of the previous generations, they are driven toward finding their own success.
Of the Grand Rapids Millennials surveyed, 37.8% had at least obtained four-year college degrees. Also, their rate of unemployment was shown to be quite low, coming in at only 6.3%, whereas the national unemployment rate for this age group is a whopping 12.7% as of the fall of 2016.
Millennials living in Grand Rapids recognize that the city contains a lot of opportunities since it is experiencing a huge urban renewal movement. While annual salaries don’t currently match those of the previous generation, area Millennials might expect this to increase, putting them in a better position to successfully finance their own homes.