Chin up, local millennials (if you can get your faces out of your avocado toast). New analysis from real estate firm Abodo indicates that at least a few of you have somehow saved up enough to buy a home in the region. Mazel!
The data — culled from a Harvard report — says 35.8 percent of homeowners in the greater Philly-Camden-Wilmington area under the age of 35 years old. That makes us number 48 on the list of U.S. cities with the most Millennial homeowners.
But before you get too excited, consider that the same report reminds us that the average Millennial will have to save nearly 12 years to afford a standard 20 percent down payment. So it should come as no surprise that the overwhelming majority of the generation living in the region are renting (and we know what’s happening to those rates), putting off homeownership until later or entirely. Nationally, the generation makes up less than 8 percent of homeowners.
The rest of the state fared better than Philadelphia, with Pittsburgh, York and Reading finishing significantly higher on the list for Millennial homeownership. No comment on the quality of life there, though.