DAYTON — New data shows that millennials in Ohio are doing a decent job getting into homes, especially in the Dayton market.
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As reported on News Center 7 at 5:00 p.m., getting into homes was a priority for many millennials between 2018 and 2023.
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Despite the pandemic, this generation, born from 1981 to 1996, has locked in on becoming homeowners.
“Millennial ownership increased roughly from 7 million to 12 million, 74% increase, over that time frame,” Doug Ressler, Senior Analyst at Yardi Matrix, said.
Yardi Matrix is a commercial real estate research platform.
Ressler said that while the average age of first-time ownership has slid from 36 - 27 to 43, millennials are starting families and, in many cases, are using two incomes to buy houses.
Here in the Dayton region, a healthy job market and upper-end jobs are helping the cause.
“The avionics industry that is there and always has been is really a stabilizing influence. It’s also an influence. It brings in higher-end, white-collar jobs,” Ressler said. “So they added about 19,000 millennial homeowners during the study. And it remains close to 50, 50 home ownership rental, split. So it’s stable.”
The data, however, is released after the fact, which means current trends with interest rates rising again and boomers staying in low-interest homes are affecting what we will see in the future.
That, combined with affordability concerns, has Ressler fearing that this trend of homeownership for millennials will be affected.
“Interest rates will continue to operate somewhere north of Six Points, over the course of the next 2 to 3 years. We do not see that coming down. I know that it’s bad news for folks. We also see a decline in inventory. Home builders are declining inventory,” Ressler said. “So when you look at all this combination, it does not paint a rosy picture for these numbers increasing.”
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