Here’s good news for homebuilders and sellers: One way that Utah’s “millennial generation” — those ages 18 to 34 — differs from the same age group nationally is they are more likely to buy a home.
“Utah has the second highest percentage of homeownership among millennial households — in part due to more of them being married with children,” says a new study by the Utah Foundation.
About 41 percent of Utah millennial households own their own home, as opposed to 30 percent of millennials nationally.
That’s according to the third of a four-part study released Tuesday by the foundation about differences in attitudes among generations in Utah, which especially focuses on millennials. It surveyed 1,300 Utahns in March.
The foundation notes that Utah — which has the nation’s youngest median age — has the second-highest proportion of millennials in the country. Their preferences will greatly influence what Utah will look like in the future. And the study shows they have a continued big interest in homeownership instead of renting.
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