Whether it’s for equity, space for a family or other reasons, Utah’s millennials are becoming homeowners more frequently than young adults outside the state. In fact, Utah has the second-highest percentage of homeownership in the nation among 18- to 34-year-olds, according to a Utah Foundation report released Tuesday.
About 41 percent of Utah millennials own a home, a rate 11 percent ahead of the national average and just behind that of Minnesota. But Utah’s rate is even higher for families. Married couples are 8 percent more likely to own a house, adding another 2 percent for every child they have, according to the report.
“A lot of it just comes out of the fact that we get married younger and we have children younger, and if you are married or if you do have kids, your likelihood of being a homeowner just increases,” said Mallory Bateman, research analyst for the Utah Foundation. “Since we have younger people doing that, that’s going to impact our millennial group being homeowners.”
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