Millennial Homeownership Surge: Which U.S. Metro Areas Are Leading the 2024 Housing Boom?

The housing market’s momentum in 2024 reveals striking geographic disparities in Millennial homeownership rates. New analysis of mortgage origination data shows that young adults aged 25 to 44 are not uniformly distributed across America’s housing market—some regions are witnessing explosive growth in this demographic’s property acquisitions, while others remain largely stagnant.

The Geographic Reality Check

The gap between the hottest and coldest Millennial housing markets is dramatic. In the strongest-performing metro areas, nearly 1 in 22 Millennials purchased a home via conventional mortgage during 2024. Conversely, in underperforming urban centers, this figure drops to barely 1 in 200. This divergence carries profound implications: local labor markets, tax revenues, infrastructure demands, and political priorities all shift based on whether young professionals are building roots through homeownership or remaining mobile.

When Millennials—now at the peak of their earning potential—commit to property ownership in significant numbers, it typically signals a robust job market coupled with reasonable housing affordability. Conversely, regions where this age cohort largely abstains from home purchases often face affordability crises or limited economic opportunity.

The Leaders: Where Young Adults Are Building Equity

Raleigh-Cary, NC stands as the national champion for Millennial home purchases. An impressive 4.5% of the region’s 25-to-44-year-old population bought homes with conventional mortgages in 2024. That translates to 19,735 mortgages originated for this demographic, with buyers commanding median incomes of $138,000 and acquiring properties at a median value of $455,000. The median interest rate on these mortgages averaged 6.63%.

Indianapolis-Carmel-Greenwood, IN follows closely, with 4.32% of Millennials in this metro securing conventional mortgages. The market absorbed 26,000 mortgages from young adult buyers, who boasted median incomes of $103,000 and purchased homes valued at $325,000 (median). The 6.75% median interest rate reflects market conditions at the time of origination.

Charlotte-Concord-Gastonia, NC-SC ranks third with 4.28% Millennial participation. This large metro—home to 2.8 million residents—witnessed 33,832 conventional mortgages issued to the 25-to-44 age group. New homeowners here earned median incomes of $125,000 and purchased properties worth $425,000 (median), with rates hovering around 6.63%.

The momentum continues into Nashville-Davidson–Murfreesboro–Franklin, TN, where 4.08% of the Millennial population purchased homes. The region originated 25,512 mortgages to this cohort, whose median income stood at $123,000 and median property acquisition price at $455,000.

Cincinnati, OH-KY-IN completes the top five with 4.06% Millennial homeownership rates. This metro generated 24,227 mortgages, with buyers earning a median $107,000 and purchasing at a median price of $315,000—notably more affordable than the regional leaders mentioned above.

The Middle Tier: Sustained Activity

Louisville-Jefferson, KY-IN, Virginia Beach-Chesapeake-Norfolk, VA-NC, Milwaukee-Waukesha, WI, Jacksonville, FL, and St. Louis, MO-IL all maintained Millennial home purchase rates between 3.81% and 4.04%. Louisville originated 14,727 mortgages at the lowest median property value nationally ($285,000), suggesting strong affordability advantages. Virginia Beach processed 20,524 mortgages with median property values of $365,000. Milwaukee and Jacksonville each generated roughly 17,000 mortgages, while St. Louis, with a population of 2.8 million, saw 28,372 mortgages issued to young adults.

The Outlier: Houston’s Volume Play

Houston, TX deserves special attention as a volume outlier. While the metro ranks 27th in percentage terms (2.85% of its Millennial population), it generated the highest absolute number of mortgages nationwide: 61,826. This outpaced New York City and Los Angeles despite those metros’ substantially larger total populations, signaling Houston’s economic draw and housing affordability for this demographic.

The Affordability Paradox

The contrast with high-cost metros is instructive. In San Francisco-Oakland-Fremont, CA, only 0.52% of Millennials purchased homes in 2024—just 6,993 mortgages—making it the nation’s least active market for this age group. Yet new homeowners here earned the highest median income studywide: $331,500. Similarly sluggish were New York City (0.76% participation) and Miami (0.94% participation).

San Jose-Sunnyvale-Santa Clara, CA presents an even sharper picture: just 2.06% of Millennials purchased homes, but those who did paid a median price of $1.565 million—the highest in the nation, even outpacing San Francisco properties by $60,000 on average.

What the Data Reveals

This 2024 snapshot demonstrates that Millennial homeownership is increasingly a story of geographic selectivity. Young professionals are concentrating purchases in mid-sized metros with favorable employment dynamics and reasonable property valuations. The flight away from coastal megacities toward secondary and tertiary metros reflects both pricing realities and shifting preferences about lifestyle, remote work flexibility, and economic opportunity.

For policymakers, investors, and businesses, these patterns signal where the next generation is building long-term wealth and community ties—and where demographic stagnation may become a concern.

Methodology Note: Analysis based on 2024 Home Mortgage Disclosure Act data examining conventional mortgages originated to borrowers aged 25 to 44, cross-referenced with 2023 U.S. Census Bureau population estimates for metropolitan statistical areas.