2 SC cities have among the highest share of millennial homeowners in the US, new report shows

April 12, 2023

source: The State

The cost of buying a home in South Carolina has been an ever-growing expense as of late.

Home prices have skyrocketed in the Palmetto State over the last couple of years due to a combination of high demand and low inventory. Still, the rising prices and even the COVID-19 pandemic haven’t kept many millennials’ from buying homes, a new report from RentCafe shows.

According to RentCafe, about 52% of millennials owned a home in 2022, based on data that examines homeowner and renter households in 260 U.S. metropolitan areas. The data comes from the Integrated Public Use Microdata Series, part of the Institute for Social Research and Data Innovation at the University of Minnesota.

“This demographic gained 10.8 million homeowners in the last decade, including 7.1 million in the last five years to reach 18.2 million in 2022,” the report states. The data from the report shows that as for where millennials are choosing to buy homes, two of 10 of the most popular cities are in South Carolina. Below are 10 cities with among the highest percentage of millennial homeowners compared to renters in the U.S. in 2022.

  1. Greenville, SC: 67%
  2. Columbia, SC: 69%
  3. North Port, FL: 71%
  4. Portland, ME: 72%
  5. Boise City, ID: 72%
  6. Des Moines, IA: 73%
  7. Youngstown, Ohio: 74%
  8. Palm Bay, FL: 75%
  9. Provo, UT: 76%
  10. Midland, TX: 82%

Read more about the demand for homes in SC.