More than half of millennials in Elk Grove own a home

California population is pushing 40 million people with Sacramento growing at a rapid rate, nearly 1.5% in 2016. Megan Telles and Walt Gray break down how this is causing a rent hike issue to those who've called the region home for years.

Most millennials are not living at their parents house in the city of Elk Grove.

In fact, 61 percent of millennials who live in Elk Grove own their own home, according to MarketWatch

Only 35 percent of millennials in the U.S. are homeowners, according to data from the Census Bureau. But four cities, including Elk Grove, are ahead of the trend. MarketWatch analyzed numbers from the 200 largest cities in the country to find millennial homeownership rates.

Elk Grove topped the list while Gilbert, Arizona, followed close behind where 57 percent of millennials own a home. In Frisco, Texas, 55 percent of people under 35 own a home while in Port St. Lucie, Florida, it's 54 percent.

The new trend findings match a March SmartAsset study which ranked Elk Grove and Roseville as top cities where millennials are buying homes.

The average price of a home in Elk Grove is about $350,000, which is much lower than the $1 million average in nearby San Francisco. Elk Grove is about 20 minutes from the city of Sacramento, where many are seeking jobs.

© 2017 KXTV-TV


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