Here are the cities where you can find the most young adults buying their own homes

By Fusion Staff  |  October 20, 2015 | 3:55pm
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In 2015, most young adults are renting.

But there are some places that, due to reasons of history, demography, and economics, a majority of young adults, or close to it, are buying their own homes.

Realtor.com has put together a list of the cities where 25-34 year-olds comprise the greatest share of recent mortgage purchasers.

At the top: Des Moines, Iowa, one of the largest college towns in the Midwest. Average home prices there are an enviably low $112,590, and the share of the population that is 25-34 years old is above the national average of 13%.

In general, the top-10 markets “tend to be affordable, have relatively high shares of 25-34 year olds today, have high levels of job creation, and have high growth in young adults and young families,” a Realtor.com representative told me by email.

Here are the full results (Read below for the full methodology that went into the list.)

10. Shreveport, La.

Young adult share of recent mortgage purchases: 44%

Young adult share of population: 13.9%

Average Home Price: $145,000

9. New Orleans, La.

Young adult share of recent mortgage purchases: 45%

Young adult share of population: 14.5%

Average Home Price: $179,900

8. Clarksville, Tenn.

Young adult share of recent mortgage purchases: 45%

Young adult share of metro population: 17.8%

Average home price: $166,500

7. Madison, Wisc.

Young adult share of recent mortgage purchases: 46%

Young adult share of metro population: 15.1%

Average home price: $229,900

6. Grand Rapids, Mich.

Young adult share of recent mortgage purchases: 46%

Young adult share of metro population: 14.5%

Average home price: $128,400

5. Lafayette, La.

Young adult share of recent mortgage purchases: 47%

Young adult share of metro population: 14.5%

Average home price: $230,000

4. Pittsburgh, Pa.

Young adult share of recent mortgage purchases: 47%

Young adult share of metro population: 12%

Average home price: $149,000

3. Baton Rouge, La.

Young adult share of recent mortgage purchases: 47%

Young adult share of metro population: 14.5%

Average home price: $185,000

2. Provo, Utah

Young adult share of recent mortgage purchases: 49%

Young adult share of metro population: 16%

Average home price: $290,000

1. Des Moines, Iowa

Young adult share of recent mortgage purchases: 59%

Young adult share of metro population: 15.1%

Average home price: $112,590

Methodology: Realtor.com’s analysis was based on data from Optimal Blue, an enterprise lending services platform.  Optimal Blue’s mortgage data file provides representative insights into the mortgage market, as their platform supports approximately one out of four mortgage transactions in the US.  We specifically analyzed approved mortgages for the first six months of 2015.  The 59% calculation was based on the number of records in Des Moines, IA (any zip code in the Des Moines MSA) that were identified as having a mortgage applicant between the ages of 25 and 34. The ranking we reported was across the 100 largest MSAs in the US.

Rob covers business, economics and the environment for Fusion. He previously worked at Business Insider. He grew up in Chicago.

 
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