CLEVELAND — For the first time, more young Americans have chosen to buy a house instead of rent, according to Rent Café. New numbers from the apartment listing service show 52% of millennials nationwide owned a home in 2022.

Heather Srodek, a broker associate and real estate agent for Howard Hanna in Cleveland, explained why.

What You Need To Know

  • There are more millennial homeowners now than ever 

  • The millennial generation in Cleveland has more renters than homeowners

  • The original increase is likely due to better access to information and the younger generations planning ahead more 

  • More renters in Cleveland are likely because of more people wanting to live downtown, a competitive housing market and some people just being patient 

“Access to information and waviness has just put them in that situation where they’re saving more,” she said.

Michael Zingales, a Cleveland real estate agent with Berkshire Hathaway HomeServices, said that the younger generations are planning more.

“When is the right time? What do I need to save? All these sorts of things and they’re planning ahead and they’re trying to build this picture at a young age to say ‘I can do this’,” he said.

Rent Café data showed that 74% of Youngstown millennials owned a home last year, with 67% of that same population in Akron owned a home in 2022. Although there was a jump in home ownership, it’s not as high in Cleveland. Only 35% of millennials in Cleveland owned a home in 2022 while 65% rented. Srodek explained a possibility. 

“I found that between 2018 and 2023, home values have increased by 22% in Cuyahoga County. So, we have definitely seen an increase in the cost of living in Cleveland as far as home purchasing is concerned,” she said.

Srodek explained that millennial renters in Cleveland want more access to downtown amenities, a competitive market, and some are just being patient. 

“Some buyers don’t really know where they’re going to land, so we’re always going to have a percentage of those buyers who are going to rent because they’re not sure if they’re going to be relocating or what have you,” she said.

Zingales said some of the questions that millennial buyers may be asking themselves before purchasing a home.

“Is now the right time? Am I going to time this market and wait for a better situation?” he said. 

Zingales is a soon to be 26-year-old and is currently renting an apartment, but has plans to eventually buy a home. He explained some of the factors he is considering.

“The right time, the right area, the right home that I see and I can see myself moving my life forward, starting a family, you know the whole nine yards in that regard, that’s my plan,” he said.

Columbus, Cincinnati and Dayton all ranged from 48% to 51% for millennial homeowners last year.