Breaking News
More () »

Minneapolis ranked #2 in millennial home ownership

LendingTree, an online lending company released data that showed Minneapolis as the 2nd most popular city for millennial home ownership.

It seems like more millennials are making their long-term home right here in Minnesota.

Newly released numbers from LendingTree, an online lending company, show Minneapolis has the second highest percentage of millennials who own homes following Salt Lake City.

Remember not too long ago when someone, somewhere said millennials can't afford homes because they're buying too many avocados? It seems like Minneapolis millennials are trading in the fruit for homes in the city.

"They're looking for more of a hotel experience and the look and feel of their fixtures I think," Scott Parkin said standing in a home that was pending an offer in Minneapolis' Northeast neighborhood. Parkin pointed out the newly renovated bathroom, and said it's what the millennials liked.

Parkin is the owner of Verve Realty and has been practicing in Northeast for the past 15 years. He said his office has been seeing more and more 20 and 30-somethings looking to buy.

 "Maybe about 40 percent of my buyers were millennials and that kind of aligns with the national stats that we're seeing from Minneapolis," Parkin said, confirming with his own experience, numbers from LendingTree.

He said it doesn't come as a surprise to him.

"They like Minneapolis, it's a good job market, it's a good quality of life, good place to raise kids..." Parkin listed.

And the list goes on. However, Parkin said another reason for high home ownership may be that the rent in the Twin Cities is too high.

"Very high," Parkin emphasized. "I think people struggle with that and immediately start running their numbers and calculating. 'Maybe I could just buy a house for what I'm paying right now.'"

He also added that during the winter months is when the competition is less heated. So millennials, now may be the time to put down the down payment, and the avocado too.

Before You Leave, Check This Out