The cities of Lancaster and Palmdale are ranked among the top 20 cities for millennial homeownership, according to a report released by SmartAsset.
Palmdale, which tied with Sioux Falls, SD for No. 4, and Lancaster at No. 16 stand out for their millennial homeownership rate in 2018 and 10-year uptick in under-35 homeownership.
“It makes sense that millennials would choose to buy a home in the Antelope Valley,” said Palmdale Mayor Steve Hofbauer. “With solid job growth headed by our aerospace partners, affordable housing, outstanding amenities, and proximity to popular places such as Los Angeles, San Diego, Las Vegas, Santa Barbara, and Mammoth, living in the Antelope Valley makes both economic and lifestyle sense for millennials who are looking for homes.”
“It is an honor to see the Antelope Valley ranked highly as part of this study,” said Lancaster Mayor R. Rex Parris. “With additions such as the revitalization of The BLVD, attraction of microbreweries and wine bars, and amazing community events such as the Field of Drafts Beer Festival and concert series at the Palmdale Amphitheater, both cities have worked diligently to empower our valley to become one that millennials want to call home. This study affirms that our dedication to improving our region is having a profound positive impact on our millennial residents – especially those who dream of owning their own home.”
According to SmartAsset, nine out of 10 millennial renters want to purchase a home, but only 4.9 percent believe they will be able to do so in the next year. Many young adults cite home affordability issues as a critical deterrent. In some cities, such as Lancaster and Palmdale, millennials are bucking this trend with higher rates of homeownership.
“As the city of Lancaster continues to improve resident quality of life, it is reassuring to see that the choices we’ve made to cultivate a ‘smart city’; pursue infill projects that create jobs while offering residents more retail and service options; and expanding mixed-use opportunities are paying off,” said Lancaster City Manager Jason Caudle. “Working with the neighboring city of Palmdale has allowed our communities to grow and flourish together, which has a positive ripple effect on the Antelope Valley community as a whole. I speak for J.J. and myself when I say that I can’t wait to see how our partnership continues to advance our region.”
“As we move forward with our new General Plan, among the many things we are looking at are the housing needs of the up and coming workforce,” said outgoing Palmdale City Manager J.J. Murphy. “With all the opportunities provided by upcoming improvements in transportation, such as high-speed rail, the airport, Metrolink upgrades, and 14 freeway widenings, we will have a special focus on developing more lifestyle housing and amenities to satisfy the needs of the millennials as well as all other age sectors. Finally, Jason and I are honored that both of our communities are highlighted in this article and stand ready to collaborate on improving our regional approach.”
To view the report, visit: https://smartasset.com/mortgage/where-are-millennials-buying-homes-2020.